Throughout the last 30 days of trading GBPAUD exchange rates have fluctuated 10 cents which means a 200,000 Australian dollar purchase could have been £7,300 cheaper if timed to perfection. For exchange rates to fluctuate 10 cents in 30 days it just shows how volatile GBPAUD exchange are at present and I put this down to Brexit and Donald Trump.
The Supreme Court today confirmed Theresa May’s government does not have the power to invoke Article50 of the Lisbon treaty and therefore she needs to attain Parliamentary approval before any decision is made. You would have thought the pound would have made gains against the Australian dollar as triggering Article50 became more difficult for the PM, however central exchange rates barely moved from 1.65.
Mrs May’s team confirmed that they have a bill prepared and plan to provide this bill to MPs to vote on shortly. There are some MPs that are against Mrs May’s plans, however they are heavily outnumbered. MPs should come to a conclusion within the next 2 weeks which means Brexit could actually happen in March as May has outlined.
If you rewind back to October when the UK Public were under the impression leaving the EU also meant leaving the single market, exchange rates dropped to 3 year lows and exchange rates fluctuated in the higher 1.50s. My personal view is as long as Donald Trump stays quiet GBPAUD exchange rates will fall back to the high 1.50s by March.
If you are trading GBPAUD in the upcoming weeks, months or years feel free to email me with the reason for your conversion (company invoice, buying a property) and the timescales you are working to and I will email you with my forecast and the process of using our company firstname.lastname@example.org.
** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you minutes and in the past I have saved clients thousands! **