The Australian dollar surged on Monday and is on track for its biggest rise this...
LONDON - The Australian dollar surged on Monday and is on track for its biggest rise this year as investors cheered a shock election win by Prime Minister Scott Morrison’s conservative coalition, though mixed global stocks broadly weighed on risk appetite.
The Aussie was last up 0.9% at $0.6926, having bounced from a four-month trough of $0.6865. It was briefly quoted as high as $0.6990 but dealers said that was a miss-hit and the actual transacted peak was $0.6938. The center-left Labor party had been tipped to win the federal election, beating Morrison’s center-right Liberal National Coalition, which investors see as more business-friendly.
Elsewhere, the dollar held surprisingly firm on Monday, extending its gains from last week as concerns about a festering trade war between the United States and China burnished the safe-haven appeal of the greenback.
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