Over the weekend Prime Minister Theresa May has announced that the UK will look to formally start the negotiations to leave the European Union by March 2017. This has caused Sterling to fall even lower against the Australian Dollar and we have seen Sterling fall across the board during this morning’s trading session. A fortnight ago our very own Foreign Minister Boris Johnson has said on a trip to the US that the UK was looking to start the negotiations by early next year so arguably the news this weekend should not have come out as too much of a shock.
What this does to the foreign exchange markets is that confidence in the Pound has fallen as the future still remains uncertain and Theresa May has not confirmed whether or not the UK would be looking for a ‘hard’ or ‘soft’ Brexit.
If the UK opts for a hard Brexit then it means this could see the EU looking to leave the single market which is not great news for the UK and therefore confidence has fallen in the Pound and GBPAUD rates have fallen.
The Reserve Bank of Australia are due to meet tomorrow night and although I don’t see any chance of an interest rate cut tomorrow night any suggestion of this happening in the press conference held afterwards could see a slight weakening of the Australian Dollar vs Sterling.
Having worked in the industry for over 13 years I’m confident not only of offering you competitive exchange rates when exchanging Australian Dollars and Sterling but also help you with the timing.
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]
Alternatively call me directly on 01494787478 for a live exchange rate.
[contact-form to=’[email protected]’ subject=’Blog ADF 3/10/16′][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Currency Requirement’ type=’textarea’ required=’1’/][/contact-form]