Australian dollar jumps after election surprise, yen edges lower – Reuters

Australian dollar jumps after election surprise, yen edges lower - Reuters

Australian Dollar Strengthens After Morrison Clings to Power

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Check out our Economic Calendar for upcoming economic data and central bank events.Australian Forecast: Australian Dollar Targets 2009 Lows, AUD/CAD and EUR/AUD Follow?

"The surprise victory is fuelling the rally as many expected the Labour party to win but an Australian rate cut is still very much on the cards in the coming months and that will weigh on the currency," said Esther Maria Reichelt, an FX strategist at Commerzbank (DE:CBKG) in Frankfurt.

Will the Australian Dollar sustain its aggressive selloff across the board? AUD/USD is facing 2009 lows. AUD/CAD looks to lows from 2013 and 2015 as the EUR/AUD uptrend faces resistance.

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The ongoing battle between supply and demand is keeping crude oil constrained within a trading range and this is likely to remain the case for the days ahead.

The US Dollar ended a remarkably strong week through this past Friday. While the move did not secure the coveted historical reference to a fresh two-year high, the rally proved an especially bright spot against the contradiction of fundamental troubles that seemed to be cast aside with the performance.

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Gold has continued to rally in non-US Dollar terms, and even against the price of Silver. While ultimate upside may be limited in USD terms, the environment continues to ripen for further XAU strength.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

AUD/USD: A gap up of 30+ pips as surprise Aussie election result please bulls

The Euro is poised to trade down to last months low or lower in the days ahead as the Dollar looks to reassert itself, however; expect some bumps along the way.

The Dow Jones, DAX 30 and FTSE 100 faced a week filled with volatility. As fundamental themes continue to simmer, technical levels will become all the more critical.


Posted in Surprise