Brexit vote slams Australian dollar
Predicted volatility causes Aussie dollar to drop.
The Australian dollar and share market took a hit after polling results from the Brexit vote.
The United Kingdom has voted to leave the European Union (EU).
The vote was tight with 52% of Britons voting to leave the EU versus 48% who wishing to remain a member of the politico-economic powerhouse.
It was predicted markets would react with volatility and currencies would fluctuate wildly in the wake of a Brexit vote.
Polling was conducted between 7am and 10pm BST Thursday 23 June and votes were counted overnight to determine the result.
The ABC reports that as the Leave campaign gained momentum, the Great British Pound (GBP) slumped more than 8% after a stronger than expected result in the Sunderland electorate.
At its weakest point the GBP/USD sank to a 30-year record low of US$1.346.
The Aussie dollar wasn't as heavily affected but still followed suit, falling 2.9% to US$0.738.
AUD/GBP rates have been incredibly volatile lately with the currencies shifting almost $0.20 over the last month, according to Australian Dollar Forecast.
At 2:15pm AEDT exchange rates for AUD/GBP were up 6.81% to £0.54.
You can compare a range of different money transfer services to find cheap, quick and convenient ways to send money overseas.