The Australian dollar is flying in early Asian trade on Friday morning.
As at 7.15am AEST, the AUD/USD currently buys .7635. It is now at the highest level seen since May 3, the day the Reserve Bank of Australia cut interest rates to a record-low level of 1.75%.
After rallying to as high as .7615 just as the polls closed in the UK at 10pm BST (7am AEST), the Aussie received a further boost following the news that a YouGov poll commissioned by Sky News showed Remain leading Brexit 52% to 48%.
In a heartbeat the Aussie surged to as high as .7648.
While the official result will not be know for several hours, the price action in recent days, including this morning, suggests that a Remain outcome is now all but expected by the markets.
Given this view, the question many will be asking — presuming that the YouGov poll is reflective of the referendum result — is just how far the Aussie will be able to rally during the session.
Here’s the AUD/USD 5-minute chart:
And here’s the AUD/USD daily chart:
And here’s how the Aussie is performing against the crosses:
- AUD/USD 0.7635 , 0.0027 , 0.35%
- AUD/JPY 81.52 , 0.78 , 0.97%
- AUD/CNH 5.0229 , 0.0146 , 0.29%
- AUD/EUR 0.6677 , -0.0001 , -0.01%
- AUD/GBP 0.5092 , -0.0021 , -0.41%
- AUD/NZD 1.0483 , 0.0001 , 0.01%