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All quiet on the global front ahead of UK General Election on Thursday

AUD - Australian Dollar

It was a quiet day on global markets as both currency and equities saw little movement as investors prepare for holiday mode. The Australian Dollar opened at 0.6836 and saw no more than a 20-point range for the day as the main risk event of US-China trade war negotiations saw no updates on Monday.

A slight bias lower overnight saw the AUD/USD reach 0.6820 as investors sit on the sidelines ahead of United Kingdom general elections on Thursday of this week. The Great British Pound has moved in positive fashion up 0.3% overnight against the local currency and at one stage reaching highs of 1.9306.

A number of releases domestically are slated for release this morning including house price figures and NAB Business Confidence levels. RBA Governor Philip Lowe is also due to speak at the AusPayNet summit in Sydney, although monetary policy is unlikely to be discussed.

The Australian dollar opens this morning at 0.6831. We expect support levels to hold on moves approaching the 68 US cent handle, while any upward push will likely meet resistance at 0.6860.

Key Movers

Markets were relatively unchanged despite some major risk events on the horizon this week. Trade sensitive currencies are waiting on the sidelines for December 15th tariff hike decisions with expectations of a delay likely. The US Dollar Index (DXY) which measures a basket of currencies against the worlds most traded currency was relatively unchanged as Chinese CPI and PPI figures looms to be the main piece of data release likely to move markets on Tuesday.

The Great British Pound continued its bullish run as the market mover overnight in the lead up to the UK General Election on Thursday. Polling is currently showing a Tory majority which suggests further upside for the Sterling as cable reached a six-month high overnight of 1.3180. A number of data releases are scheduled overnight in the UK including monthly GDP figures.

Expected Ranges

AUD/USD: 0.6800 - 0.6860 ▼

GBP/AUD: 1.9000 - 1.9400 ▲

AUD/NZD: 1.0400 - 1.0500 ▲

AUD/EUR: 0.6150 - 0.6200 ▼

AUD/CAD: 0.9000 - 0.9070 ▼