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Anthony from Moneycorp

GBP/AUD Sheds Last Week's Gains

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Pound to Australian Dollar Exchange Rate Sheds Last Week’s Impressive Gains Fresh frustration from the UK and EU over a Brexit impasse, with just over one week until Brexit, led to a deluge of unexpected developments yesterday that sent Brexit confidence and the Pound to Australian Dollar (GBP/AUD) exchange rate plummeting.

Last week saw GBP/AUD surge from 1.8467 to 1.8763, as investors bet against a no-deal Brexit. However, since yesterday’s ultimatums from the EU and from the UK government, no-deal Brexit fears returned once again and GBP/AUD essentially shed those gains.

The Australian Dollar (AUD) was more easily able to capitalise on the Pound’s (GBP) weakness this morning, due to dovishness from the Federal Reserve making investors more willing to take risks.

 

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