It has now been two months since the electorate voted in an advisory referendum to leave the EU. In reality however I do not think those tasked with implementing a Brexit know how to do so efficiently and indeed when to. Trade relationships are crucial to a nation’s well being and will be at the centre of negotiations with the EU.
I think despite Theresa May’s claim “Brexit means Brexit” I think a Brexit could well be stalled or not implemented at all. If that is the case then I do not expect much of a chance for a significant rally for the pound against the Australian Dollar.
The Reserve Bank of Australia (RBA) cut interest rates less than a month ago and it has not had the desired impact. The Aussie dollar continues to hold strong. A major contributing factor would be the continual rise in property value and property demand. If monetary policy is having little effect on weakening, the Aussie then the pound could fall further in value. Sterling sellers may wish to take advantage of current levels before things get worse.
There is little data of consequence released this week down under so keep your eyes peeled on UK data releases such as mortgage approvals tomorrow at 09.30 and UK GDP data on Friday. I think we could see Sterling weaken against the Aussie after theses data releases.
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