For those of you who didn’t read or view the news over the weekend – we now have a new Prime Minister. That’s right, Malcolm Turnbull is out and Scott Morrison is in and whether you like him or not he’s here until at least the next election – which probably won’t be until early next year.
What has the leadership struggle within the Liberal Party of Australia done for the Aussie? Very little is the simple answer. AUD/USD started last week around 0.7300 and despite the leadership spills, and all the associated turmoil AUD/USD finished the week more or less in the same position just above the 0.7300 level.
Aussie equities are set to open higher this morning thanks to a strong finish in the U.S and Europe on Friday evening, while commodities markets, specifically metals prices performed very well with Copper back above US$6,000 a tonne. Copper is seen as the bellwether off metals prices and when it performs so too does other metals and by default the AUD.
No economic data is out today.
AUD EXCHANGE RATES:
AUD/USD – 0.7301
AUD/GBP – 0.5673
AUD/EUR – 0.6275
AUD/NZD – 1.0911
AUD/JPY – 81.278
USD/BTC – $6,641
OTHER MARKETS:
All Ords (XAO) – 6,357
Gold – A$1,646/oz
Silver – A$20.26/oz
WTI – US$68.53/barrel
DATA RELEASES TODAY:
None
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Patrick Downes
Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
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