After what was a short-lived improvement for Pound to Australian Dollar exchange rates, we are instead looking at a difficult time ahead on the exchange rates once more, with the key resistance level at 1.60 likely to be tested in the next few trading days.
Pound to Australian Dollar exchange rates had previously seemed untouched by the steady anxiety hitting the Pound this month, with Article 50 seemingly just around the corner.
With news coming out of Australia fairly hard to find at the moment, it was frankly surprising to see rates holding up so well.
This has been put down to speculative trading patterns.
Essentially, rates have been pushed down to 1.60 so often since the Brexit vote, without truly breaching it, that traders are unwilling to gamble on further gains. They buy Sterling to secure the gains, and this in turn balances out the rates of exchange by pushing up the Pound’s value through increased demand.
As I mentioned above, this is why it is termed a ‘resistance level’, normally something extreme needs to happen to break such established trends.
On Friday, Theresa May did her best to do just that. Her statement that Brexit could be triggered as early as next Tuesday was enough to push the Pound back to the 1.6 mark after beginning the day at 1.62.
It won’t be easy for Theresa May to deliver on this, she has a fight on her hands in the Commons as with the Lords. Exchange rates will continue to change based on this evolving debate. To stay up to date and avoid missing out on any opportunites, you can contact me directly.
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