The Pound is in for a volatile trading week as UK Parliament head towards a number of key votes over the course of the next few working days.
The votes could pave the way for where Brexit heads next and I personally feel that this will be the main driver for the Pound against the Australian Dollar over the course of this trading week.
The key dates for your diary this week are below, previously the votes have been towards the evening in the UK and I would expect these to follow suit.
Tuesday – A meaningful vote on Theresa may’s deal
Wednesday – A vote on crashing out with no deal
Thursday (may be bought forward to Wednesday) – A vote on extension of article 50
What next for Brexit?
It is hard to say just what could happen this week as we are entering unprecedented times and cannot look back over history to see what happened last time we had this situation.
It is still doubtful that Theresa May’s deal with get voted through, unless she negotiates changes today, this then leads to a vote on ‘no deal’ Brexit which the vast majority of Parliament seem to be against.
I feel like this could lead us down the path to an extension of Article 50. That would be likely to give the Pound a boost, but having worked in the currency markets for over a decade nothing would surprise me.
Reports over the weekend even suggested Theresa May could have to leave her position in order to get a Brexit deal approved so we really are set for great uncertainty, and a volatile week ahead for Sterling exchange rates.
It is extremely important that you make us aware of any currency transaction you have coming up so that we can make you aware of any sudden movements in your favour or against you, there could be some great buying opportunities over the course of the week, but with the market moving every second of the day you need to be quick to react should an opportunity arise.
If you would like us to help you with a currency exchange then you are welcome to contact me directly by filling in the form below, or you can set a rate alert on this website and we will get in touch to discuss your requirements and explain the various options we have that may assist you.