Sterling has rallied to reach multi year highs against a
number of currencies with notable moves being seen against the US dollar, Euro
and Australian Dollar.
Moves were
seen following news that the UK and the EU have made significant steps and
agreed on a “large part” of the Brexit agreement that will lead to the “orderly
withdrawal” of the UK. This was a significant move with Brexit Negotiators
Michel Barnier and David Davis describing it as a “decisive step”. The
transitional period is set to last from 29 March, 2019 to December 2020, and is
intended to smooth the path to a future permanent relationship.
As a result
sterling has strengthened throughout much of the day with notable moves through
1.40 for GBP/USD and 1.14 GBP/EUR. Another significant movement was seen
against the Australian Dollar with the pound reaching a post-Brexit high of
1.8280 having rallied over 3.5% in less than a week.
For those looking at the Euro, a word of warning, this is
now the fifth time the pound has breached 1.14 since October 2017. On the five previous occasions a breach of 1.14 has been seen, the
pound has corrected quite sharply. There is no guarantee this trend will
continue but with such a sharp rally for the pound today we could easily see
another short term dip. If you need to make a transfer in the coming weeks, get
in touch with your account manager to take advantage of this recent rally.
Should you have an upcoming international money transfer to arrange and you need assistance getting the best rate of exchange then please get in touch for a free quoteLabels: Australian dollar, best exchange rate, international money transfer, Sterlling, US Dollar