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GBP/AUD Plummets as Banks Warn of London Exodus

Yesterday’s high: AU$1.7227

Yesterday’s low: AU$1.7034

Pound Tumbles as Banks Warn Jobs May Leave City of London

The Pound slumped against the Australian Dollar on Wednesday as investors were unsettled by a report from the FT that revealed that many major US banks are planning to relocate staff outside of London due to the lack of clarity over Brexit.

Speaking behind closed doors last week, a number of executives warned US commerce secretary Wilbur Ross that the uncertainty of Brexit was leading many to move forward with ‘worse-case’ plans to move staff back to the US or Europe.

Meanwhile the ‘Aussie’ was strengthened by the released of some robust trade figures from China, with the continued growth in imports bolstering confidence in Australia, due to the nation’s close trading relationship.

AUD Outlook: Brexit Talks to Rally Sterling?

Brexit negotiations will resume later today for the first time since both sides expressed an interest in speeding up the process, leading to hopes that discussions may accelerate at a more rapid pace, something that is likely to bolster Sterling.

Possibly aiding the Pound’s advance later tonight will be the release of the Reserve Bank of Australia’s latest statement on Monetary Policy, with the Australian Dollar likely to dip if the bank remains dovish as expected.

Key Events

10th November

01:30 AU RBA Statement on Monetary Policy

09:30 UK Trade Balance Sep

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

James Baxter

Senior Currency Broker
T: 01442 892 062

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