The Pound vs the Australian Dollar has fallen overnight as rumours are that the UK may start the process of leaving the European Union by February.
According to a top EU official Donald Tusk he said that Theresa May has informed him that the UK will be ready to start the talks by February.
Article 50 has still yet to be triggered but this is one of the clearest signs so far that the process will actually happen.
Early next year may still be too early as the Prime Minister has said that she wants time to prepare the best deal for Britain.
When the vote to leave the European Union took place place in June this caused a huge loss in confidence in the Pound and the suggestion that Article 50 may be triggered early next year has caused another uncertain period to begin and we could see further falls for the Pound going into next week.
Sterling has fallen across the board against all major currencies and unless we get some real clarity from the government the Pound is likely to feel the pressure.
The Bank of England hinted earlier this week that they may be gearing up for another interest rate cut when they next meet in November and this is another reason for Sterling’s weakness against the Australian Dollar towards the end of this week.
On Tuesday the RBA release their own set of minutes and this will make interesting reading as if there’s any appetite for any change in policy down under this could cause some volatility for GBPAUD exchange rates. However, I think this Brexit issue will weigh heavily on Sterling so if you need to some money to Australia it may be worth organising this in the short term.
If you have a currency transfer to make and want to save money on exchange rates then contact me directly for a free quote. Having worked in the industry since 2003 I am confident of offering you a better rate than your bank and I look forward to hearing from you.
Email me directly Tom Holian [email protected]