In what could be one of the biggest days in political history for the UK in 300 years, the House of Commons will vote on tonight’s controversial EU withdrawal deal being offered by Theresa May.
At the time of writing it appears as though this will not get the result that May is looking for and with very little difference compared to what was being proposed in December, when the previous vote ended up getting cancelled, I cannot see why MPs will change their mind and agree to this current deal.
A number of amendments are expected to be made later on this evening, just prior to the vote, but with the Irish backstop one of the most controversial issues I cannot see why MPs will pass this particular deal on offer.
The vote is due to take place between 7pm-9pm and could have a big effect on Pound to Australian Dollar exchange rates, depending on the outcome of the vote, so it will be extremely important for you to be prepared for what could happen. It may be worth getting in contact with me to discuss your options using the forms on this page.
The Pound has been trading close to 1.80 and hovering at around the 1.78 levels for the last few days and it appears as though investors are adopting a wait and see approach before making their mind up as to what position to take.
Turning the focus back towards what is happening in Australia we see the release of the Consumer Inflation Expectations for January due out on Thursday morning.
With the Reserve Bank of Australia unlikely to be raising interest rates anytime in the near future owing to the problems with the housing market down under then if the inflation data is higher than expected this could put pressure on the RBA to review the situation. However, I don’t think the RBA will be raising rates for the foreseeable.
Ultimately the impact for the GBP/AUD exchange rates in the short term will be determined by what happens tonight so if you’d like a free quote when buying or selling Australian Dollars then contact me directly for a free quote using the form below. I look forward to hearing from you.