Positive Brexit talks lifts GBP/AUD
Following positive news in Brexit proceedings we have seen gains for Sterling against the Australian Dollar. Boris Johnson spoke with Leo Varadkar for over two hours yesterday and were reported to be detailed and constructive. Varadkar said that the talks were very positive and negotiations could resume.
This is good news ahead of the EU summit on 17th and 18th October. Boris must have an acceptable deal in place by the 19th October in order to avoid either an extension or a no deal scenario. We saw Sterling make advances against the majority of major currencies following the news although whether these advance are justified can be argued.
US China trade war continues to effect AUD
With such little time to find a solution to the Irish border the Pound could remain fragile. The Australian economy is still under threat due to the prolonged trade war between the US and China due to Australia’s heavy reliance on China purchasing it’s exports. Brexit seems to be outweighing these concerns at this point and is one of the key factors affecting GBP/AUD.
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