Sterling Australian Dollar exchange rates stable as we potentially head towards Brexit deal

Sterling Australian Dollar exchange rates stable - Brexit deal

The Pound has remained fairly stable against the Australian Dollar over the course of the trading week and the exchange rate has not managed to move too far away from the 1.80 level.

Currently it looks like the UK are heading ever closer to negotiating an initial deal with the EU and rumours that hit the wires yesterday suggested that there is not a timeline in place for Theresa May and Brexit negotiator Dominic Raab to start the ball rolling and take one step closer to getting a deal agreed.

Will we see a Brexit deal next week?

A correspondent from the Times newspaper published a draft timeline that suggested that next week could be a big week for Sterling exchange rates against all major currencies, and this could be time for the Pound to move away from the 1.80 mark against the Australian Dollar, which way will be dependent on how much truth there is in the latest Brexit rumours.

This particular document suggested that we would have a Cabinet meeting on Monday, Dominic Raab would be due to meet with Michel Barnier on Tuesday with a view to publication of the full withdrawal agreement later on that day. Prime Minister Theresa May would then be due to make a statement to Parliament on Wednesday and we are likely to have an emergency Brexit summit to tie things up starting on 23rd Novemeber (two weeks today).

Once again this is not set in stone, and Brexit rumours are ten a penny at the moment, but it does seem that we are edging closer and closer to a deal with the EU, and a deal on Brexit would most likely give Sterling a boost.

Australian economic data overnight

Over in Australia the RBA (Reserve Bank of Australia) have released their monetary policy statement overnight and it does appear we may still be quite a distance from seeing any interest rate hikes in the near future.

With rising household debt and house prices dropping in major cities there are a number of factors that are currently holding the RBA back. With numerous other central banks around the world slowly increasing their interest rates the Australian Dollar could find itself left behind.

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