Flash: Rudd returns as Australian PM - OCBC Bank

Fxstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that Australia saw the return of Kevin Rudd as Prime Minister after Julia Gillard lost the caucus vote, with markets now half expecting the elections to take place in August.

He adds that the AUD/USD managed to end slightly higher on the day after a brief test above 0.9300, although we are hard pressed to find strong causality between yesterday’s political developments and the AUD’s apparent resilience given that no drastic shifts in economic policies are envisaged.