The Pound vs the Australian Dollar has made some small gains during this afternoon as MPs continue to debate the terms of the Brexit.
Ministers are looking for more control over the Brexit agreement before it is approved and this has helped to strengthen Sterling marginally against the Australian Dollar.
However, in saying that the positive movement for Sterling has been rather muted after the Reserve Bank of Australia kept interest rates on hold.
Economic data for Australia has been extremely positive and I think when the RBA release their statement on Friday I think this will reaffirm their stance to keep interest rates the same for the foreseeable future and this could see GBPAUD rates fall again towards the end of the week.
With the value of iron ore having rocketed up over the last few months and the uncertainty surrounding the issue of both Brexit and when Article 50 will be triggered this is likely to keep Sterling under pressure for quite some time.
The Australian Dollar has also benefited from good news from the US as they have continued to go from strength to strength and the impact of Donald Trump does not appear to have had any negative effect on the US economy.
Typically if the US economy is going well this tends to have a positive effect on the Australian Dollar as it encourages investment in commodity based currencies including the AUD which is another reason for the recent good news.
I think the opportunities to buy Australian Dollars with Sterling at better rates in the short term will be rather limited owing to the political problems in the UK so if you need to make a currency purchase then it may be worth doing this sooner rather than later.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank or another broker then email me directly for a free quote and I look forward to hearing from you.
Tom Holian [email protected]