The Aussie dollar is soaring against the British pound

Photo: Getty

The Australian dollar is weaker in early Asian trade, falling in response to exit polls showing that no party will win a majority in the House of Commons after the UK general election.

Here’s the Aussie dollar scoreboard as at 7.35am AEST.

AUD/USD 0.7531 , -0.0011 , -0.15%
AUD/JPY 82.71 , -0.23 , -0.28%
AUD/CNH 5.1102 , -0.0049 , -0.10%
AUD/EUR 0.6721 , -0.0003 , -0.04%
AUD/GBP 0.5906 , 0.0084 , 1.44%
AUD/NZD 1.0461 , 0.0012 , 0.11%

The Aussie, as a well-renowned risk-proxy, has understandably come under modest selling pressure, except against the British pound which has been whacked lower, reminiscent of the move seen following last June’s UK Brexit vote.

“The exit poll, which in recent elections has proved to be a fairly accurate forecast of the official result, showed Theresa May’s Conservative Party as the biggest individual party, heading for 314 seats in the House of Commons, 12 short of a majority,” wrote Business Insider’s Will Martin.

Financial markets had expected a Conservative Party majority, explaining the move in cable.

This exit poll was accurate during the UK general election in 2015, although it understated the size of the Conservative party win on that occasion.

Here’s the AUD/USD 5-minute chart.

AUD/USD 5-Minute Chart

And here’s the Aussie against the pound.

AUD/GBP 5-Minute Chart

While there is a smattering of economic data scheduled in Asia today — Australia will release housing finance figures for April while in China consumer and producer price inflation data for May will also be on tap — they’re likely to play second-fiddle to the developments in the UK election.

Given the exit polls, and the fact that voting has just closed, it’s likely to be some hours yet until a definitive result is known.

After the election result is determined, there’s little economic data that looks set to sway the Aussie significantly in one way or another.

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