The pound has dropped in the Asian session to fresh lows on GBPAUD of 1.63 as investors remain fearful over just what is next for the UK and the pound. No one wants to be holding the beleaguered pound since investors are worried about what the future holds politically for the UK. With senior partners in the Eurozone Francois Hollande and Angela Merkel confirming that the UK will not have unfettered access to the single market the UK is looking increasingly isolated as it prepares to leave the EU.
The knock on effects and affects of this are sterling weakness. This seems highly likely to continue as we learn of more fresh news on the rates and the political situation in the UK. The expectation is for further movements on the rates as we learn of a further gulf between the UK and its EU partners.
If you have a transfer involving the pound or Australian dollar then these latest movements will be crucial to the rates you receive on your exchange. Rates never move purely in a straight line but we do see big swings that can have a huge influence on the value of the currency you are looking to buy.
Most rates have been between 1.63 and 1.64 today so this will be something to keep a very close eye on in the coming weeks and months. If you need to make any transfers in the coming weeks and months then making some plans in advance is key to reducing the risk and uncertainty in the market. For more information on what will happen next on GBPAUD and to kept updated please speak to me Jonathan Watson by emailing [email protected], alternatively please call 01494 787 478 or fill in the form below.
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