Australian Dollar Is Steady as New Prime Minister Gets Inaugurated

The Australian dollar exhibited a steady position during the foreign exchange trading session today, Monday, May 23. This development happened after politician Anthony Norman Albanese won the Australian federal election last Saturday, May 21.

The official currency of Australia opened at 0.7043 this Monday morning, May 23, which is also Albanese’s inauguration day.

This event took place as markets looked to digest the effects of a new government forming and whether or not it would be able to form a majority government. We want to help our followers holding units of the Australian dollar know how this foreign currency is performing today.

We gathered that Australia has Mr. Anthony Norman Albanese as its newly elected head of government. We believe his election significantly impacts the country’s official currency. Thus, we are sharing this report with our readers to keep them properly updated.

Based on the Monday, May 23, 2022 news posted online by FX Street, an online source for foreign exchange news, real-time exchange rates and analysis, charts, and an economic calendar, the Australian dollar closed last Friday, May 20, above the psychological 70-US cents mark.

This event took place after a weekly dip to lows of 0.6872. The Australian dollar finished 0.1-percent lower at 0.7040, despite witnessing an intraday low of 0.7002.

Foreign exchange analysts anticipate support levels to hold onto moves approaching the 70-US cents mark, while any upward push will possibly meet resistance at 71 US cents.

At 11:24 AM Australian Eastern Standard Time or AEST today, the Australian dollar was up at 70.90 US cents. At the time of writing, US$1 is equivalent to 1.41 Australian dollars, based on the foreign exchange information posted on Xe.com.

Last Friday was a silent day that head into the Australian federal election the following day. This recently concluded political event in Australia saw Albanese claim victory.

This Labor party leader was sworn into public office today as the country’s 31st Prime Minister, following the conservative coalition’s nine-year rule. Based on the Australian Broadcasting Corporation’s report, Albanese vowed to deliver a “journey of change” to his constituents.

Furthermore, he promised to tackle inequality, rising living costs, and climate change. Meanwhile, Australian shares rose today as mining stocks lifted them. The ASX 200 was up 37 points to 7,182, showing a 0.5-percent increase at 11:23 AM AEST.

The miners climbed 1.6 percent on the share market and touched a more-than-two-week high after iron ore prices surged last Friday. Fortescue Metals Group, BHP Group, and Rio Tinto rose between 2.1 and 3.8 percent.

Meanwhile, Incitec Pivot was down 3.2 percent. This development happened after it surged as much as 7.5 percent when this fertilizer maker said it would spin off its fertilizers and explosives manufacturing businesses.

We want to congratulate Mr. Anthony Norman Albanese and the entire Australia on his election. We believe Australia’s 31st Prime Minister won the people’s votes for his capability to infuse positive changes in his nation, including its economy, the Australian dollar, and the whole society.

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