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GBP/AUD Exchange Rate Climbs to Post-Referendum High Following Tense Week of Brexit Votes

Last week’s high: AU$1.8864

Last week’s low: AU$1.8398

 

Pound Experiences Wild Swings as Brexit Drama Unfolds

Trade in the Pound to Australian Dollar was erratic last week in response to a series of Parliamentary votes that saw MPs reject Theresa May’s withdrawal deal and the possibility of a no-deal Brexit, while voting to delay leaving beyond 29 March.

Ultimately the votes proved to be Sterling positive however, with the Pound putting in its best weekly performance since January.

Meanwhile, a lull in impactful domestic data resulted in the Australian Dollar left to play second fiddle to the Pound last week.

 

AUD Outlook: Third Brexit Vote to Drive Additional Volatility?

Looking ahead, we expect to see trade in the Pound remain erratic this week as Theresa May embarks on a third attempt to push her deal through Parliament ahead of the latest EU summit of leaders.

Also in focus for GBP investors will be the Bank of England’s (BoE) latest policy meeting, which is expected to see the bank discuss how a delay to Brexit will impact interest rates this year.

Meanwhile the main event for AUD investors will be the release of Australia’s latest labour report on Thursday, potentially weakening the Australian Dollar if employment growth slowed in February.

 

Key Events

19th March

00:30 AU House Price Index (Q4)

00:30 AU RBA Minutes

09:30 UK Unemployment Rate (Jan)

09:30 UK Wage Growth (Jan)

20th March

09:30 UK Inflation Rate (Feb)

19:00 UK Parliamentary Vote on Brexit Deal

21st March

00:30 AU Unemployment Rate (Feb)

00:30 AU Employment Change (Feb)

09:30 UK Retail Sales (Feb)

12:00 UK BoE Rate Decision

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To keep up to date with the Australian Dollar, visit the AUD blog in our Currency News section.

 

Alastair Archbold

Foreign Exchange Manager

aja@fcgworld.co.uk

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