AUD/GBP is the big move overnight losing close to two hundred points following the call of a snap election by current UK Prime Minister Theresa May. The aim of the snap election which will be held in just 7 weeks is to strengthen her grip on power via a broader parliamentary majority which will allow her more control to negotiate a Brexit which is beneficial to the U.K. With the Pound surging to 6 months highs its obvious traders liked what they heard and there may therefore be further headwind ahead for AUD/GBP. Clients wishing to cover GBP positions may consider Forward Contracts to do this, please call me to discuss.
DATA RELEASES TODAY:
EUR – CPI at 7.00pm
AUD EXCHANGE RATES:
AUD/USD – 0.7519
AUD/GBP – 0.5834
AUD/EUR – 0.6994
AUD/NZD – 1.0654
AUD/JPY – 82.460
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Phone Patrick – 0431 278 632
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