The swearing in of Kevin Rudd on Thursday for a second time as Australia’s prime minister brought some relief to the Aussie dollar, which hit a one-week high on the news.
With Rudd taking over the reins, after toppling Julia Gillard from the Labor Party leadership, just about three months ahead of scheduled elections there is speculation whether he will change the date of the September 14 polls.
Given this uncertainty, the Reserve Bank of Australia (RBA) is unlikely to cut interest rates in the near-term which could give a boost to the Aussie dollar, which is down more than 10 percent since the start of the year, experts said.
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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