Sterling vs the Australian Dollar has plummeted since the start of the week as the UK has finally announced the date for the in and out referendum.
Mayor of London Boris Johnson has confirmed that he will be voting for the Leave campaign which has caused alarm for anyone holding Sterling.
Sterling vs the Australian Dollar has fallen by over 3% since the high early this week and at the moment I cannot see any short term respite which would result in Sterling recovering against the Australian Dollar.
The next major event that could cause volatility for GBPAUD exchange rates will come next Tuesday when the RBA announces its next interest rate decision. I don’t think we’ll see any change in policy but any hints of future changes could cause volatility for the Pound vs the AUD$.
Sterling has had an extremely difficult week against all major currencies and with odds of the Brexit getting higher compared to last week this is causing concern.
It appears that the Australian Dollar is being used by speculators once again which is another reason for the Australian Dollar strength vs Sterling. Rates to buy Australian Dollars are now at their lowest level since May 2015.
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