Sterling vs the Australian Dollar has experienced a difficult last few days as the Supreme Court continues to weigh heavily on Sterling exchange rates against all major currencies including the Australian Dollar.
Both UK industrial and manufacturing data showed a decline this month compared to the expectation and with the NIESR GDP figures not showing any improvement on the estimate this has caused problems for the Pound.
Both Lord Pannick and Dominic Chambers argued that the Brexit negotiations will only be allowed to begin once parliamentary approval has been granted. They have argued that if the government does go ahead this will be ‘a violation of the doctrine of parliamentary sovereignty.’
It is clear that the GBPAUD exchange rates are being heavily influenced by what is happening politically in the UK at the moment as down under Australia announced its first fall in GDP since 2011.
The RBA recently kept interest rates on hold at 1.5% which is the lowest it has ever been and the central bank will wait to see what will happen to the economy since its rate cuts back in May and August.
With all the uncertainty surrounding the foreign exchange market caused by the Supreme Court we are likely to see this volatility for GBPAUD rates continue for the foreseeable future.
Having worked in the currency markets since 2003 I am confident that not only can I offer you better exchange rates than by using your bank but also help you with the timing of your transfer of funds.
If you have a currency requirement and would like to save money when buying currency then contact me directly for a free quote and I look forward to hearing from you. Tom Holian [email protected]