The Pound vs the Australian Dollar has crept up during today’s trading session and we could be in for a very volatile period over the next 24 hours as the House of Commons will be debating the latest EU Withdrawal Bill.
The bill was rejected previously by the House of Lords and this is the reason why it has been sent to the House of Commons for another review.
Most of the DUP have said that they will side with Theresa May but if some of the Tory back benchers go against the Prime Minister this could cause a big headache for the government and this could result in Sterling weakness against the Australian Dollar.
By the end of Wednesday and going into Thursday morning we should know the update so if you’re concerned about what may happen then it’s probably worth getting your currency organised as we could see a lot of movement on GBPAUD exchange rates over the next couple of days.
During the voting on the bill this afternoon we have seen one member resign over the Brexit talks and there has so far been a lot of in fighting between MPs.
In the morning UK inflation data is due out at 930am and we could see some market movement on Sterling vs the Australian Dollar but ultimately I think it will be the EU withdrawal bill that will cause the most movement.
If we have a positive result then we could see GBPAUD exchange rates head towards 1.80 but if not I expect the Pound to fall below 1.75.
If you have a currency transfer to make and would like to save money on exchange rates when buying or selling Australian Dollars compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you.
Tom Holian [email protected]