Australia’s dollar strengthened for a seventh day after ruling party lawmakers chose former banker Malcolm Turnbull as the country’s new Prime Minister.
The Aussie advanced against all except two of its 16 major counterparts after former Cabinet minister Turnbull emerged the victor in a leadership ballot late Monday, replacing unpopular Tony Abbott as head of the Liberal Party.
Australia’s currency rose 0.2 percent to 71.52 U.S. cents as of 11:09 a.m. in Sydney after appreciating to 71.66 cents, the highest level since Aug. 31. The seven-day winning streak is the longest since October 2013.
Turnbull, who won the ballot 54 votes to 44, said he’d be a consultative leader who would explain his economic vision to voters. The make-up of his ministry will be announced after this week. He said it was his assumption that the current parliament would serve its full term.
The Australian dollar has still tumbled 7.2 percent this year, the worst performer after New Zealand’s kiwi of 10 developed-nation currencies tracked by Bloomberg
Source : Bloomberg