*Breaking News* Tony Abbott ousted as PM! (Joshua Privett)

AUDGBP Makes Back Some Lost Ground From Last Week

The Australian Dollar has taken a boost in confidence this afternoon following the vote of no-confidence and the snap-ballot for the Liberal Party which saw Tony Abbott ousted by Malcolm Turnbull – a clear victory over Abbott by 54-44.

The incredibly poor performance by Abbott on opinion polls led to the vote, so his dismissal and the clear majority of Turnbull has been received well by markets as a victory for political stability in the ruling party. It is difficult to gauge any long term impact from this. However, it’s unlikely that this  will overshadow the current macro-economic forces in place, which are described in my article below. The significance is more short-term, but this boost is a welcome one for AUD sellers ahead of the RBA minutes to be released tomorrow.  See the article below for details. For example GBP/AUD has fallen from 2.18 to the brink of 2.15 already.

Anyone with an AUD requirement can contact me by calling 01494 787 478 and asking for Joshua to receive some tailored advise for your situation in the wake of this breaking news and to receive a quote for your transfer. Alternatively, email me on jjp@currencies.co.uk