AUD/GBP Exchange Rate Tumbles as Dutch & Spanish Finance Ministers Back Soft Brexit

Traders on Wall Street where the the Dow Jones ­industrial average and S&P 500 indices hit intraday highs

Sterling has jumped to its highest level against the United States dollar since the Brexit vote.

Sterling rose 1.76 cents against the dollar to $1.3712 after reports emerged that Spain and the Netherlands would push for a soft Brexit that ensures close ties between the European bloc and the UK.

Neil Wilson, senior market analyst at ETX Capital, said: "Although the comments came from just two ministers who don't necessarily speak for the Barnier team as such, there is a sense that the direction of travel for the United Kingdom with regards Brexit is a lot more positive than it was prior to December".

The pound was changing hands for $1.49 before the Brexit vote on 23 June 2016, but plunged when it became clear the British public had voted to leave the EU.

The pound climbed against a host of other majors on Friday, including the euro (GBP/EUR) and US dollar (GBP/USD).


However Neil Jones, head of European hedge-fund sales at the Japanese bank Mizuho, played down the significance of the discussions. As the bill makes it way through Parliament I would expect key figures to have their say which will ultimately move Sterling.

Neil Wilson at ETX Capital said: "Although the comments came from just two ministers who don't necessarily speak for the Barnier team as such, there is a sense that the direction of travel for the United Kingdom with regards Brexit is a lot more positive than it was prior to December".

Nonetheless, the news quickly rocketed the Pound to trade over 1% higher against the Australian Dollar as the trading week drew to a close.

This marked the highest monthly rate in some 11 months, with a surge in the cost of shelter, medical care, automobiles and motor insurance driving prices higher - but it also proved pertinent in that it effectively raises the 2018 rate hike prospects of the US Federal Reserve.

Some traders are concerned that reported by several retailers this week was further evidence of a consumer slowdown as inflation erodes spending power.

Related News:

  • Dark Souls: Remastered Announced During Latest Nintendo Direct

    Dark Souls: Remastered Announced During Latest Nintendo Direct

    Dark Souls Remastered will run at 60fps (compared to the 30fps of the original version) and will support up to six online players. A demo for the Dragon Quest Builders Demo is now available on Nintendo Switch and it will be released by the end of this month.
    Dr. Martin Luther King Jr. Parade route and closures

    Dr. Martin Luther King Jr. Parade route and closures

    LaKisha Hale reflected on the inspiration she has taken from King throughout her life and career. Memorial Service also highlight the community's remembrance of the civil rights leader.
    Wilder, Ortiz fight rescheduled

    Wilder, Ortiz fight rescheduled

    Following his suspension, Ortiz was back in the ring on December 8 and needed just two rounds to defeat Daniel Martz. The card, presented by Premier Boxing Champions , will be produced by Showtime and could end up airing on CBS.
  • Democratic US senator: Trump called African countries '****holes' in meeting

    Democratic US senator: Trump called African countries '****holes' in meeting

    Democratic congressman Luis Gutierrez called Trump "a racist who does not share the values enshrined in our Constitution". He also said that the United States should have more people coming in from countries like Norway.
    Trump cancels London trip over 'bad' Embassy deal

    Trump cancels London trip over 'bad' Embassy deal

    The spokesman added: "A state visit (invitation) has been extended and accepted and we will confirm the details in due course". A Downing Street spokesman said Mrs May would tell Mr Trump he is welcome in London.
    Google Duo update allows you to call people without the app installed

    Google Duo update allows you to call people without the app installed

    Although Google actively scans the Play store for malicious code, policing its vast, ever-evolving catalog of apps is a challenge. About 60 apps were recently deleted by Google after the company learned that a bug was placing pornographic ads inside the apps.
  • Seal Apologizes After Sharing Meme Criticizing Oprah's Interactions with Harvey Weinstein

    Oprah's heartfelt stories and podium-pounding climax sparked cheers and applause that reminded me of rising IL state Sen. Trump stated Oprah will not run for the next Presidential election, but if she did, Trump said he would defeat her.
    Apple iOS 11.2.2 vs iOS 11.2.5 Beta 5

    Apple iOS 11.2.2 vs iOS 11.2.5 Beta 5

    With the iPhone 6S the handset running the iOS 11.2.2 beta booted up slightly faster than the handset running iOS 11.2.5 beta 5. Here's what fans can expect from the new update based on the betas that have been released thus far.
    Trump Rejects Bipartisan Dreamers Deal

    Trump Rejects Bipartisan Dreamers Deal

    Trump has terminated it but given lawmakers until March 5 to craft legislation reviving its protections. Arizona Republican Jeff Flake told reporters today it has happened.
  • Cisco Systems, Inc. (CSCO) Trades Expensive While Oracle Corporation (ORCL) Is Underpriced

    Steinberg Global Asset Management's holdings in Cisco Systems were worth $888,000 as of its most recent SEC filing. South Dakota Inv Council reported 0.17% of its portfolio in Cisco Systems, Inc. (NASDAQ: CSCO ) or 44,403 shares.
    Man accused of killing Rihanna's cousin arrested, charged in Barbados, reports say

    Man accused of killing Rihanna's cousin arrested, charged in Barbados, reports say

    Alleyne's murder was the last murder recorded for Barbados for 2017 and it brought the year's total to 30. Alleyne was taken to the Queen Elizabeth Hospital , where he later died from his injuries.
    Ford sued over claims of diesel emissions

    Ford sued over claims of diesel emissions

    The lawsuit also names automotive parts supplier Robert Bosch GmbH as a defendant, and both companies have denied the allegations. EPA and CARB emissions regulations", Barbosa said. "We will defend ourselves against these baseless claims".


Most liked

China soy imports hit second-highest on record in Dec -Customs
Exports grew 10.9 percent year-on-year in December, data from the General Administration of Customs showed Friday. China's December trade surplus with the US was $25.55 billion, compared to $27.87 billion in November.

United Nations rights office decries Trump's 'sh**thole' remark as 'racist', 'vulgar'
Representative Steny Hoyer of Maryland, a senior Democratic lawmaker, said that Trump's comments were "racist and a disgrace". Trump on Friday did not directly reference using the expletive, but insisted that the language was more generally "tough".

Girl Scout cookie season kicks off this weekend
To participate, you'll need to be in one of San Jacinto Council's 26 counties. "The paperwork needs around by March 25". A damaged home is seen after Hurricane Harvey passed through on August 26, 2017 in Rockport, Texas.

Feds encourage work requirement in Medicaid for able-bodied adults
The new rule, to be rolled out in July, would mandate able-bodied Kentuckians on Medicaid to work or volunteer 20 hours per week. But the expansion under President Barack Obama led to millions of non-disabled low income adults added to the program.

DeMarco Murray Out Against Patriots
The third-year quarterback displayed toughness, accuracy and composure, all amidst the sixth-largest postseason collapse ever. However, in this game, he needs to be not only solid on the field but solid in what information he can provide for his team.

A US Ambassador Resigned Because He Can No Longer Serve Under Trump
Ambassador to the Dominican Republic Wally Brewster, whose appointment generated a backlash because Brewster is married to a man. He was nominated to the ambassadorship by President Barack Obama in July 2015 and was sworn into the post on January 15, 2016.

Trump lawyer brokered $130000 in hush money to porn star
Trump". "This is now the second time that you are raising outlandish allegations against my client", Cohen told the Journal . Reportedly , Clifford had been in contact with producers for ABC's Good Morning America to talk about her Trump affair.

Local MP refused new job offer from Theresa May
And Jeremy Hunt reportedly dug his heels in to keep his job as health secretary after turning down the role of Business Secretary. Jeremy Hunt remains as Heath Secretary in Theresa May's Cabinet , but has had social care added to his title.

Novak Djokovic back with a bang at Kooyong
When both departed before the quarter-finals, it cleared the way for Roger Federer and Rafael Nadal to reach the final. In 2017, we saw two first-time Major-winners - Ostapenko at the French Open and Sloane Stephens at the US Open.

President Trump: No trip to London because of embassy choice
State Department releases of the new glass cube have also praised its energy self-sufficiency and miniscule carbon footprint. Wanted me to cut ribbon-NO!" President Donald Trump meets with British Prime Minister Theresa May .

Karni Sena members held while protesting outside CBFC office
Another Sena worker, Jeevan Singh Solanki told IANS that the group will not allow the film to release anywhere in the country. Shahid Kapoor essays the role of Maharawal Ratan Singh and Ranveer Singh is stepping into the shoes of Alauddin Khilji.

NEXT (LON:NXT) Receives "Hold" Rating from Jefferies Group
San Francisco Sentry Investment Group (Ca) holds 0.16% of its portfolio in Cummins Inc. (NYSE:MRK) for 545,854 shares. (NYSE:PE). It is positive, as 13 investors sold OSTK shares while 18 reduced holdings. 92 funds opened positions while 249 raised stakes.

Father of Sherin Mathews indicted for capital murder
The medical examiner ruled Sherin Mathews' death a homicide but could not determine exactly how she died. Mathews admitted to police he removed the body from the home after she died, continued the affidavit.

Neymar's Barcelona to PSG move was a 'step back' - Ronaldo
Neymar kept up his hot streak in front of goal by netting against Amiens in the Coupe de la Ligue on Wednesday. PSG are back in action against Claudio Ranieri's Nantes in Ligue 1 on Sunday.

East Coast set for wickedly cold weekend of sub-zero temps
East Coast with heavy snow and freezing cold that made for treacherous travel conditions and bone-chilling misery. Kennedy (JFK), were slowly returning to normal, but with plenty of cancellations and delays still in effect.