Pound to Australian Dollar exchange rates, GBP/AUD, had been one of the heaviest hit of Sterling’s currency pairings until the last 24 hours saw a very appealing resurgence in the right direction for AUD buyers.
It had initially appeared yesterday that Pound to Australian Dollar exchange rates were in for a difficult day, with very concerning performance figures for the housing sector dominating headlines during early morning trading in the UK.
Results suggested the first outright contraction in UK house prices for some time, and with the understandable sensitivity to markets following the financial crisis to any suggestions of slowdowns in the housing sector, the Pound tumbled as the morning wore on.
This was then exaggerated when North America woke up and reacted angrily to the news themselves. The sell off of Sterling is what saw its buying power weaken against the likes of the Australian Dollar.
The turnaround, as it has on three occasions across December, January, and now February, have been developments in the UK Parliament towards the upcoming Brexit.
The Government are currently trying to push through the Brexit Bill to allow the Government to trigger Article 50 when it chooses to. However, to push the Bill through, yesterday the concession had to be made that MP’s will get an opportunity to vote on whether to accept the final deal reached between the Government and the EU.
This additional guarantee of ‘moderation’ by Parliament effectively saw the Pound’s value climb heavily once more, with investors happy that Parliaments involvement means a more sensible deal is likely.
The final vote in the Commons will be at 8pm tonight and, depending on the results, may cause further spikes.
After this, we will be edging closer and closer to Article 50 being enacted, and as we have seen, any inflammatory commentary from either the UK or the European side of the negotiations can suddenly upset Sterling’s value, so there are strong arguments for Australian Dollar buyers to seize some of the gains expected in the run up to this weekend.
I am well position to inform anyone with a Pound to Australian Dollar requirement of any tempting improvements which emerge, and you can also secure exchange rates at that time for a future payment you are planning. This is understandably a popular option with Article 50’s enactment in March being just around the corner.
Conversely, anyone with an Australian Dollar to Sterling interest is in less of a rush from my perspective.
If you are planning to make a currency exchange involving the Pound and the Australian Dollar, it’s well worth your time getting in contact with me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.
I have never had an issue beating the rates of exchange on offer elsewhere, therefore a short conversation could save you a significant sum on an upcoming transfer.