The Pound hit an 18 month high to buy Australian Dollars on Friday after it was announced that Prime Minister Theresa May has managed to secure a deal in order to take things forward with the Brexit discussions at next week’s EU summit.
The divorce bill has been agreed which will be between £35bn-£39bn as well as agreeing no hard border between Northern Ireland and the Republic.
The rights of citizens has been agreed across both the UK and the EU which is great news for all concerned and this gave the Pound a huge lift on Friday morning against all major currencies including vs the Australian Dollar.
However, it appears as though the good news did lot last for that long as the Pound fell against the Australian Dollar towards the ends of Friday afternoon.
It could be argued that investors caused a big over reaction as although the news was clearly positive as it allows the talks to progress to phase two at next week’s EU summit, we are still headed for a very uncertain future over the next few months.
On Tuesday we could see further movement for Sterling vs the Australian Dollar when the latest set of inflation data is announced so make sure you’re prepared to move quickly if you need to make a currency transfer involving Australian Dollars.
If you’re in the process of either buying or selling Australian Dollars and would like to be kept updated with what is happening over the next few days then contact me directly for a free quote.
Having worked for one of the UK’s leading currency brokers since 2003 I am confident not only of being able to offer you better exchange rates than using your own bank but also help you with the timing of your trade.
Contact me directly Tom Holian [email protected] and I look forward to hearing from you.