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Australian Dollar vs Pound Hits 1-Week High, on Brexit Risk

Market CommentaryAustralian Dollar vs Pound Hits 1-Week High, on Brexit Risk
Australian Dollar vs Pound Hits 1-Week High, on Brexit Risk
Image credit: Paul Le Comte.

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

The Australian dollar to pound interbank exchange rate jumps! The Aussie has reached 0.5501 against sterling today. This is its highest in 1 week, or since January 23rd.

By contrast, back on January 25th, the Australian dollar versus sterling rate was at just 0.5403, so it’s since risen by close to +1 cent, or +1.81%!

To put this into context for you, at today’s interbank exchange rate, AU$250,000 in UK pounds would be £137,525, or +£2,450 more than on January 25th!

With this in mind, if you're an Australian thinking of emigrating to the UK, this may help you for your money transfer to the UK.

Aussie Dollar Rises vs Pound, as 'No Deal' Brexit Risk Rises

The Australian dollar to pound interbank exchange rate has reached this 1-week high, because the risk of a 'No Deal' Brexit has risen, says The Guardian.

Yesterday, MPs in Parliament rejected motions to prohibit the UK crashing out of the EU without a deal, at the deadline of March 29th.

Instead, MPs passed Graham Brady’s amendment. This gives prime minister Theresa May authority to renegotiate her draft deal with the EU, with just 2 months to go.

This has strengthened the Australian dollar versus the pound, because it's thought that this lifts the odds that the UK may exit the EU, without a deal in March!

AUD to GBP Rate Rises, as UK Growth Forecast Cut

Moreover, the Australian dollar versus pound interbank exchange rate has also hit this 1-week high, because the UK's economic growth forecast for 2019 has been cut by a global investment firm.

Great Britain's GDP will now expand by just +1.5% this year, according to UBS's latest predictions on Yahoo Finance. This is -0.3% below its previous estimate.

"A lack of clarity over how the Brexit process will evolve has become a powerful headwind," says UBS's John Wraith.

This has boosted the Australian dollar against the pound, because this tells us that Brexit uncertainty is weighing down the UK's GDP growth!

Australian Dollar to Pound Rate Jumps, as Banks Shift Billions Out of UK

What's more, the Australian dollar to pound interbank exchange rate has also climbed, as banks are moving hundreds of billions out of the UK, to protect against a 'No Deal' Brexit.

According to respected financial website Bloomberg, banks are shifting big sums from London to Frankfurt. This is to protect themselves, in case the UK crashes out of the EU on March 29th.

Moreover, Bloomberg adds that UK research by spending is far lower than other major industrialised countries, like France, Germany, the USA or Japan.

So this Brexit uncertainty has boosted the Australian dollar versus the pound!

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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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