We are now a year on from the Brexit vote when the British public voted in favour of leaving the European Union and as yet we are still a long long way off from a clear vision as to what things will look like in the future.
Theresa May has been in Brussels this week and has suggested that the UK would look to guarantee rights of EU nationals living in the UK of which there are over 3 million. This is clearly a step in the right direction but the EU has not confirmed any reciprocal arrangement.
At the moment the UK political landscape is extremely uncertain as the Tories have not set an agreement between themselves and the DUP and with the vote of the recent Queen’s Speech due to take place next week if a deal is not reach then things could go wrong very quickly for the Tories.
This is not good news for the Pound as we are still in a hung parliament and it is now over a fortnight since the election result. I personally think a deal is coming and this is likely to happen next week. In my opinion I think this will help the Pound recover some of its losses against the Australian Dollar.
However, I think the gains will be short lived as the Brexit talks are likely to be long and protracted. Therefore, if you’re looking at buying Australian Dollars keep a close eye on what is happening politically and get ready to move quickly if a deal is reached.
If you have a currency transfer to make and would like to save money on exchange rates compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you. I have worked for one of the UK’s leading currency brokers since 2003 and I’m confident of being able to offer you better rates when buying currency as well as helping you with various contract types.
Tom Holian [email protected]