The Pound has continued its recent positive run against the Australian Dollar and overnight it has been suggested that some senior ministers in the UK are putting pressure on the government to increase its offer to the EU to leave.
The next meeting is due to be held in December and if this happens this could take the discussions forward which is clearly a positive for the UK.
Downing Street itself has dismissed the rumours that it is looking to double the ‘divorce bill’ payment but I think we could see an offer from the UK coming fairly soon.
The next Brexit summit is due to take place on 14th-15th December and the main topic for discussion will be the Irish border which has still not yet been sorted.
The RBA released its minutes overnight and this has caused GBPAUD exchange rates to move in an upwards direction as the central bank sees ‘considerable uncertainty’ around wage pressures and therefore any interest rate change is very unlikely which has caused the Australian Dollar to weaken against Sterling.
With tomorrow’s UK Autumn Statement due for release I think we could some volatility coming in the morning so make sure you’re prepared for any market movement.
This could be rather difficult for Chancellor Philip Hammond after he was forced to scrap his previous plan of attempting to raise the level of National Insurance.
The likelihood is that he’ll aim the budget towards younger voters as this was the demographic that the Tories appear to have lost at this year’s election and this could include a big push on housing.
I think we could see some uncertainty during the announcement tomorrow but once we get past this issue I think the Pound could gain even further.
If you have a need to make a currency transfer in the coming days, weeks or months then feel free to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency compared to your bank or another currency broker.
Even a small improvement in the exchange rates can make a big difference so feel free to to email me and you may find you could save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on [email protected] and I will respond to you as soon as I can.