The Aussie closed nearly one US cent lower as uncertainty about the global economic outlook took a toll on the financial markets once again. The Aussie reached its lowest level against the US Dollar since the middle of June, and weakened for 2 consecutive days over speculation on Europe’s debt crisis.
The Aussie and Kiwi fell versus the yen as Asian stocks dropped before a report that economists said will show sales of new U.S. homes slumped the most in 16 years in May 2010.
The Australian dollar jumped and shares rose 0.7% after the country’s ruling Labor Party elected a new Prime Minister; rousing speculation the government would find the middle ground on a controversial mining tax that had unsettled offshore investors.
Julia Gillard became Australia’s first female prime minister on Thursday when Kevin Rudd stepped down, as the Labor government sought to avoid election defeat later this year.
Support for Rudd began to slide after he shelved the government’s carbon-trading plans in April, a key campaign pledge when he won office in November 2007. Gillard is expected to present more of a change of leadership style, but investors hope she will soften the controversial mining tax, which is threatening $20 billion worth of investment and has flustered voters.
AUD/ GBP: 0, 5827
AUD/ EUR: 0, 7054
AUD/ USD: 0, 8713
AUD/ JPY: 78, 112
Exchange rates as of 13:08, 25 June 2010
:: Note: The above exchange rates are based on "interbank" rates.
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