This week GBPAUD hit a 1 year high. Over the last three months the pound has been making considerable inroads against the Australian dollar. Exchange rates have increased from 1.62 to 1.77 and therefore a £200,000 currency transfer today compared to three months ago will generate our clients an additional AU$30,000.
The pound made further inroads against the Aussie last week when UK Prime Minister Theresa May announced that the UK are willing to pay €50bn to the EU as a divorce settlement and the EU appeared to be happy with the offer.
The UK Prime Minister Theresa May is set to meet President of the European Commision Jean Claude Juncker and President of the European Council Donald Tusk tomorrow to discuss Brexit further. The divorce settlement bill will be discussed further but a hot topic will be the Irish border.
This weekend in particular, The Republic of Ireland have stated a hard border splitting the Republic of Ireland and Northern Island is not an option and Donald Tusk has announced he would back Ireland over the UK as Ireland will remain a member of the EU.
Reports are suggesting that Theresa May’s teem believe it’s impossible to put a deal on the table for Ireland until the UK know the deal they will receive with the EU in regards to trade. Further reports Rumours suggest Mr Tusk actually agrees with Theresa May therefore I expect this topic will be put on hold on to trade discussions have begun. Therefore I expect the pound to continue to rise against that Australian dollar this week and in fact this month.
For people that buy and sell Australian dollars on a regular basis or are looking to make a one off transfer, the currency company I work for can save you money. Feel free to send me the reason for why you are converting currency, the currency pair you are trading (AUDGBP, AUDUSD), and the timescales you are working to and I will send you my forecast and the process of using our brokerage firstname.lastname@example.org.