1 pointDespite the path for the UK’s divorce from the EU remaining unclear, the Pound has been increasing in value quite substantially over the past week or so, with the GBP to AUD exchange rate jumping by an impressive 7-cents in just the past two weeks. The gains can be put down to both Sterling strength, as well as Aussie Dollar weakness. Sterling has climbed in value across the board of major currency pairs since the UK’s Prime Minister Theresa May lost the vote on her deal. Financial markets appear to have digested the recent impasse in negotiations as an opportunity to extend Article 50, and therefore allow the UK to continue trading with the EU under the current agreements. The potential of an extension to Article 50 has been a positive for Sterling, and we’ve seen the pattern of a softer Brexit outlook resulting in a stronger Pound on a number of occasions since the vote in 2016.
This leaderboard is set to Perth/GMT+08:00