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Aussie Reaches 3-Week High Versus Pound, as Boris Johnson Resigns

Market CommentaryAussie Reaches 3-Week High Versus Pound, as Boris Johnson Resigns
Aussie Reaches 3-Week High Versus Pound, as Boris Johnson Resigns
Image credit: Martin Walls.

Welcome to Pure FX's latest update of the Australian dollar to pound interbank exchange rate.

This tells you when it's an excellent time to exchange Australian dollars to pounds, for your money transfer!

The Aussie shoots up versus sterling! The Australian dollar to pound interbank exchange rate has hit 0.5651 in the past day, its highest in 3 weeks, or since June 14th.

The Australian dollar has lifted against the pound, because UK foreign secretary Boris Johnson has resigned, throwing into doubt the UK government's stability and Brexit plans.

Sterling has weakened, in particular because financial markets are concerned that Mr. Johnson may launch a leadership challenge against UK prime minister Theresa May.

Markets "will focus on the possibility of a leader challenge" for the Conservative Party, says Bank of New York Mellon strategist Simon Derrick, thus weighing on the pound.

This has dragged down sterling, first because if Mr. Johnson mounts a leadership challenge versus Mrs. May, this may delay the UK's Brexit talks, when time is running short.

This has also hurt the pound, because if Mr. Johnson wins a leadership challenge, he's likely to pursue a much "harder" Brexit, which may slow UK GDP growth in future!

Aussie Dollar Rises, as US-China Trade War Calms

Furthermore, the Australian dollar to pound interbank exchange rate has also risen, because the trade war between the USA and China has remained calm over the weekend.

The Aussie has strengthened, because in recent days neither America nor China has threatened to further escalate their trade conflict, by imposing new tariffs or regulations on each other.

In particular, there's been a "lack of new news in US-Sino trade tensions", says NAB strategist Rodrigo Catril, following the USA and China's imposing $34bn of tariffs on each other recently.

This has lifted the AU dollar, first because the USA and China are Australia's biggest trader partners. Hence, when the USA and China get along, Australia's economy stands to benefit.

The has also boosted the Australian dollar, because when the USA and China stay calm, it's good for global economic sentiment, thus encouraging investors to put money in Australia.

As a result, the Australian dollar has reached this 3-week high against the pound, and may continue to climb!

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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email peter.lavelle@purefx.co.uk.

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