The Pound has had a very good week against the Australian Dollar but has started to struggle towards the end of the week in anticipation of next week’s Brexit vote in parliament.
MPs have been debating for the last few days over the current deal and at the moment it appears highly unlikely that this deal will get approved when the vote takes place on 11th December.
Earlier this week the government were found in contempt and then were forced to release the legal documents advising on Brexit.
Theresa May has been busily campaigning in favour of trying to convince MPs to vote through this current deal but according to a number of different media reports this is highly unlikely to get the votes needed to approve the deal on offer.
If Theresa May does not get the votes needed there are a number of different alternatives as to what may happen next week. Some have suggested that she may even stand down but owing to her bullish personality I think that she will stay as long as she can.
The next option available to Theresa May is to go back to Brussels on 13th December to try and see if she can renegotiate alternative terms to that on offer but this will be very difficult as the UK and European Union have already agreed this current deal in principle so they may not wish to budge at this late stage.
Over this weekend Downing Street has denied claims that Theresa May could even delay the vote in an attempt to avoid losing. Rumours are circulating that the Prime Minister is planning to go back to the European Union to try and get a better deal before the vote is held.
At the moment the current deal on offer is struggling to get the support it needs to be approved by MPs so if May manages to change some of the terms this could help to provide support to the Pound vs the Australian Dollar.
If you would like a free quote when buying or selling Australian Dollars then contact me directly and I look forward to hearing from you. I have worked for one of the UK’s leading currency brokers since 2003 and I’m confident that I can offer you a bank beating exchange rate as well as helping you with the timing.
Tom Holian [email protected]