GBP/AUD rates have dipped slightly this week but once again Sterling seems to have held its position better against the AUD than it has against some of the other major currencies.
The Pound has come under pressure following reports that the EU rejected the UK governments first Brexit draft, which by all accounts was not well received by the EU’s chief negotiator Michel Barnier.
The markets focus has now switched to UK Prime Minster Theresa may’s speech, scheduled for 13.30 today.
She is expected to outline her vision for the UK’s relationship with the EU post Brexit and based on her recent address’s, I expect her to be overly positive and bullish in her tone. Whilst the markets may not react as they have “heard it all before”, the Pound could find some support if she offers a deeper insight, or some sort of fresh alternative.
However, at present it seems the Irish border issue remains one of the key sticking points and the reality is that until this is agreed, there will be no transitional period and no soft Brexit.
Despite these negative reports the Pound has held it’s position against the AUD, despite not making any further inroads.
The AUD is very susceptible to any downturn in the global markets and as such, the current malaise is causing investors to move their funds away from the AUD and into safer haven currencies such as the USD, which in turn is helping to support Sterling around the current levels.
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Our award inning rates can be accessed very easily over the phone and I can keep you posted with key market developments ahead of any prospective exchange you need to make.
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