Australian Dollar Rallies After Australia Get New Prime Minister

The Australian dollar rallied today after the country’s political crisis was resolved for the time being as Australia got a new leader.
As was expected, Malcolm Turnbull did not last long as Prime Minister after winning a vote for staying in the seat just this Monday. By Friday, Treasurer Scott Morrison will replace him in the office, which was considered to be the most market-friendly outcome. That being said, analysts did not believe that the Aussie’s rally will be long-lasting as markets will likely turn their attention to the next year’s general election fairly quickly.
AUD/USD rose from 0.7241 to 0.7304 as of 11:35 GMT today. EUR/AUD fell from 1.5922 to 1.5862.

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