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Anthony from Moneycorp

Brexit Uncertainty for GBP and AUD

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Over the last 12 months, the property market down under has been causing major problems for the Australian dollar.

Lending standards alongside the global slowdown has caused property prices to take a tumble in the major cities. If the home loan numbers fail to hit 1%, the Australian dollar could have a tough week as it increased the chances of the Reserve Bank of Australia (RBA) cutting interest rates this year.

However Brexit negotiations are likely to be the most important driver for GBPAUD exchange rates. If Theresa May has managed to sway MPs to vote in favour of her Brexit deal I expect the pound to make further inroads against the Australian dollar.

However, if MPs decide to extend Article50 or vote to crash out of the EU this could have a negative impact on the pound and rates could fall to levels we become accustom to last year.

Edited by Anthony from Moneycorp

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