Australian Dollar Sinks amid Political Turmoil

The Australian dollar dropped today amid political turmoil in Australia, which will likely result in a shift in the country’s leadership.
Australia’s Prime Minister Malcolm Turnbull just survived a challenge to his leadership earlier this week. But now the Prime Minister faces a new challenge, which he will likely fail after losing support of his own party. If that happens, the new prime minister will be seventh in just a decade, highlighting how weak the government is.
AUD/USD dropped from 0.7346 to 0.7286 as of 12:11 GMT today. EUR/AUD jumped from 1.5775 to 1.5886.

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