The Australian dollar is getting obliterated, sheering off a cliff in recent trade as traders have reacted badly to the surprise news that Britain has voted to leave the EU.
Having traded up to as high as .7648 in early Asian trade when traders felt certain the Remain vote would win the AUD/USD has subsequently tanked, falling to as low as .7309.
It currently trades at .7333 down 3.68% since 7am this morning.
While the focus is on the Pound and the UK stock market traders around the globe are voting as one and selling almost everything except gold and the Yen. That’s not usually and environment in which the Australian dollar does well. That means the Aussie could come under further pressure in the remaining 16 hours of trade for the week.