The Pound hit 1.86 against the Australian Dollar yesterday afternoon after what has been a very busy week so far for GBPAUD exchange rates.
The election over the weekend was won by the current Prime Minister Scott Morrison who will remain in power for a full term.
He originally replaced the previous leader back in August so a new full term has helped to settle the Australian economy.
This is turn helped to strengthen the Australian Dollar against the Pound over the weekend but since then the Pound has fought back following Theresa May’s speech on Tuesday afternoon.
Theresa May has warned MPs that they have ‘one last chance’ to deliver Brexit and she is anxious to get this new deal backed in the House of Commons in early June.
However, although some amendments have been made I cannot see this deal getting accepted which will trigger her in to announcing her resignation timeline.
Theresa May has also suggested that it may even mean that Brexit could even be cancelled. The Prime Minister also hinted that a second referendum may be held if there is enough appetite in parliament for it to take place.
All this news has helped the Pound to recover against a number of different currencies and good news for anyone looking to exchange Pounds into Australian Dollars.
However, later this week we also have the European elections due and this could cause some uncertainty for the Pound so if you need to buy Australian Dollars it may be worth taking advantage of this current spike.
If you would like to save money when transferring Australian Dollars compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you. I have worked in the foreign exchange industry for one of the UK’s leading currency brokers and I’m confident about saving you money as well as helping you with the timing of the trade.
Tom Holian [email protected]