Australia: New PM offers a path to AUD redemption - AmpGFX
Greg Gibbs, Analyst at Amplifying Global FX Capital Pty Ltd, points out that the AUD sunk and then rebounded again on political developments last week as the ascendency of Scott Morrison to PM offers the ruling party a road to redemption.
Key Quotes
“Morrison comes from the most senior ministry role of Treasurer and has built a strong reputation as a pragmatist in controversial posts in immigration and social services ministries. He is more conservative than the former PM Turnbill and has the best chance of uniting the factional divide in the Liberal-National Coalition.”
“The combatants in the factional and personal vendetta that gripped the party in recent years culminating it the dethroning of another PM have been weakened, allowing space for Morrison to assert authority and show badly needed leadership.”
“The market had feared a lurch to a populist far-right anti-immigration government largely doomed to lose an election to a Labor party that has drifted further to the left.”
“A national election still looms in six months, policy paralysis will not be easily fixed, policy uncertainty remains, but Morrison presents a better chance of lifting the standard of government either as a leader or from the opposition after the next election.”
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