Unexpected victory for incumbent sees AUD.....>

FOREX: Unexpected victory for incumbent sees AUD soar

-AUD is comfortably the best performer in G10 so far Monday, with the unexpected

victory of the incumbent Liberal-National Coalition providing a jolt for the

currency. Polling had, for years, suggested the opposition Labor Party would

take office, making this morning's result a surprise. AUD/USD gapped higher,

opening north $0.69, but a recovery above last week's highs is yet to come to

fruition.

-The greenback trades softer, with EUR and JPY not far behind. Equity markets in

Europe and Asia-Pacific regions trade with little direction but US equity

futures sit in minor positive territory. Tensions between the US and China

continue to run high, but there's been little development over the weekend, with

markets instead focusing Trump's crackdown on Huawei suppliers at the tail end

of last week.

-Data is few and far between Monday, but Fed's Clarida, Williams & Harker and

BoE's Broadbent are due to speak. Looming Indian election results draw focus,

with exit polls suggesting incumbent Modi is on course for another victory.