Australian dollar rallies after Treasurer Scott Morrison is set to become new prime minister [CNBC]
IPATH US TREASURY LONG BOND BE (DLBS)
US:NYSE Investor Relations:
bloomberg.com/quote/dlbl:us
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Source: CNBC
The Australian dollar gained half a percent on Friday, reversing earlier losses, after the ruling Liberal party voted in a new leader, ending a political crisis that knocked investor confidence this week. The Australian dollar rose just as much as it shed quite a lot over the past week due to domestic political uncertainty, Shinichiro Kadota, senior forex and rates strategist at Barclays Bank in Tokyo. Treasurer Scott Morrison will become prime minister after winning a three-way battle for the leadership of the Liberal party on Friday, with incumbent Malcolm Turnbull not contesting the party ballot. The Aussie dollar tumbled 1.4 percent on Thursday to become the worst performing G10 currency, after hitting its lowest since January 2017 of A$0.7202 last week, as the country was gripped by political uncertainty. However, things are not so rosy in the longer term. The Aussie dollar cannot stand aloof from fears of a U.S.-China trade war and the Reserve
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