Labor’s victory in the federal election keeps the Australian dollar steady.

Labor’s victory in the federal election keeps the Australian dollar steady.

Transfer your funds with confidence!
Following a weekly decline to lows of 0.6872, the Australian dollar closed on Friday above the psychologically significant 70 US cent mark. There was little activity on Friday ahead of Saturday’s federal election in Australia, in which Labor Party leader Anthony Albanese claimed victory and will become the 31st Prime Minister of Australia. The Australian dollar finished the day 0.1 per cent lower at 0.7040, despite hitting an intraday low of 0.7002. By closing 0.03 per cent higher, the Dow had recovered from a 600-point loss.

 

The Australian dollar is trading at 0.7043 AUD this morning as investors assess the potential impact of a new government and whether a majority government can be formed. It’s likely that any rise above 70 US cents will encounter resistance at 71 US cents, according to our projections.

Movement across the globe
Retail sales in the United Kingdom rose 1.4% in April after falling 1.2% in March, which helped the British pound. The pound-to-dollar exchange rate rose by 0.2 per cent to 1.2191 on the day. Sterling fell by 0.2% to close the week at 1.0560 a drachma against the dollar, while the Japanese yen held at 1.2790. Inflation control will be high on the list of global central banks’ agendas this week. The Reserve Bank of New Zealand (RBNZ) is expected to set cash rates at 3% by the end of the year, which is the primary focus this week.
This is the time to transfer funds overseas and OFX gives you the added advantage!

 

Charles Kaluwasha

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