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Australian dollar at the mercy of Brexit

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Financial and commodity markets analytics

The Australian dollar’s 3 day winning streak has come to an end in today’s trading session which was came as some surprise after stronger than expected employment data showed the economy is moving along nicely.

The number of new jobs created in Australia came in at 32,800 while the unemployment rate fell to 5 percent, which should have been enough to lend some support to the currency which lead some analysts to believe that it may be the Brexit turmoil investors are worried about.

The previous 3 day rally in the Aussie dollar was attributed to the deal struck over Brexit between the UK and European union which was signed off by British Prime Minister Theresa May’s cabinet, clearing the first major hurdle to seal the deal.

Things started unraveling yesterday when a number of May’s ministers resigned and with the threat of more resignations, the chances of May be ousted form the top job are growing by the day.

This scenario, which threatens political instability in the UK doesn’t sit well with the riskier currencies which includes the Australian dollar.

“After edging closer to Brexit, with a draft deal agreed between UK and EU negotiators, UK politics descended into chaos overnight. Brexit Secretary, Dominic Raab, has announced his resignation, along with six other departures from government,” said strategists at ANZ Bank.

“The turmoil has renewed speculation about Prime Minister May’s leadership prospects.” They added.

The next few days are crucial for the Australian dollar as the British government jostles over Brexit, and a potential New Prime Minister and if Theresa May falls, the Aussie dollar is likely to go down with her.

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