The Pound has remained strong versus the Australian Dollar since the turn of the year and at the moment I think we could see further gains for the Pound against the Australian Dollar.
One of the big factors is what is happening in the UK concerning Brexit. According to a number of reports it appears as though the Prime Minister Theresa May could even be considering delaying Brexit by 2 months.
The rumours have given the Pound a positive boost against a number of different currencies including the Australian Dollar which is good news for anyone looking to send money to Australia at the moment.
Sterling is now trading 5 cents higher than the Australian Dollar in the last month alone or the difference of £1,600 on a currency transfer of AUD $100,000.
Pound against the Australian Dollar: Brexit vote delayed until 12th March
The next vote on Brexit was due to take place later on this week but that has now been postponed to 12th March which gives the House of Commons just 2 weeks to decide what to do next with the next Brexit plan being offered by Theresa May.
With time running out the likelihood is that Article 50 will have to be extended and with a number of MPs having resigned recently there is a clear lack of support within Government for the current plan and I cannot see what changes Theresa May will make in order to get the next stage of Brexit through with any success.
Therefore, this is why I don’t think the UK will leave the European Union by 29th March and another reason why the Pound has found the recent support against the Australian Dollar.
Westpac cut Australian growth forecasts
Meanwhile, Australian bank Westpac have recently cut their growth forecasts to 2.6% and 2.2% for both this year and next and with the Reserve Bank of Australia considering when to cut interest rates during this year then this is whey we could see further pressure on the Australian Dollar vs Sterling.
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