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.

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