Tonight is the night when the official results for the UK general election start to come in.
With just hours to go the polls appear to be neck and neck and the likelihood is that we’ll see another hung parliament for the UK.
When this happened 5 years ago Sterling fell against all major currencies including the Australian Dollar.
However, although this happened previously it will not necessarily have the impact you may expect as it could be argued that the exchange rates have been priced in for the last few days.
Often the exchange rates will move on rumour rather than fact so the results may not be too volatile overnight depending on the outcome.
Tomorrow afternoon the US publishes Non-Farm Payroll data as well as unemployment figures.
The recent results for the world’s leading economy have been rather negative and this can have an impact upon what happens to the Australian Dollar exchange rate.
Therefore, if the data out for the US is lower than expect we could see the Pound strengthen against the Australian Dollar as global investors shy away from riskier currencies including the AUD.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian [email protected]