Politics influences the Australian Dollar. Overview for 24.08.2018
On Friday, AUDUSD is reacting to internal political news; the Aussie is recovering.
The Australian Dollar is recovering against the USD at the end of the week. The current quote for the instrument is 0.7301.
The highlight of today for the Australian currency is a new Prime Minister of the country. Now, it’s Scott Morrison, who earlier was the head of the Department of Finance. This assignment should put an end to political crisis, when the former Prime Minister Malcolm Turnbull couldn’t get along with the head of the Minister for Home Affairs Peter Dutton.
Political news may support the Aussie for a while during today’s trading session, but later investors’ attention will switch to the Jackson Hole Symposium, where the US Federal Reserve Chairman Jerome Powell is expected to deliver a speech. By the way, the ECB Governor Mario Draghi will not be there, as well as the head of the Bank of Japan.
Probably, Powell may speak about the structure of the US economy and possible consequences of the regulator’s current monetary policy. However, speeches delivered in Jackson Hole are usually “soft” and neutral. In this case, the Australian Dollar has a chance to continue its recovery until the end of Friday’s trading session.
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