AUD strengthens as Gillard ousted (Mike Vaughan)

AUDGBP Starts the Week Higher After Jobs Slump

Kevin Rudd returned as Australian prime minister today executing a coup on Julia Gillard almost three years to the day after being ousted by his former deputy. The return of Rudd could now see Australia go to an election in August in an effort to cash in on his greater popularity with voters and creating a great deal of political uncertainty, something that can cause dramatic shifts on the value of the host currency. During the unexpected ousting of Rudd the Australian Dollar has seen some significant shifts with the GBP/AUD high/low spread from 1.6687 to 1.6447 (1.5%) and EUR/AUD shifting from 1.416 to 1.3937 (1.6%). Of course a scenario such as this is impossible to forecast but just goes to show how important it is to keep yourself in the loop and updated regularly with the ongoings and movements on the money markets.

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