The Australian dollar continues to tread water in early Asian trade on Monday as markets await the outcome of Tuesday’s US federal election.
As at 7.35am AEDT, the AUD/USD buys .7686, fractionally above Friday’s closing level of .7670.
As seen on Friday following the release of October’s US non-farm payrolls report, it will take something spectacular to move the Aussie meaningfully in one direction or another today with speculation over the US election result continuing to override all other factors at present, including economic data.
On the domestic data docket, markets will receive the Ai Group’s monthly Performance of Construction Index for October at 9.30am AEDT while ANZ’s October job advertisements survey will follow soon after at 11.30am AEDT.
While there is a smattering of second-tier data released in Asia, Europe and the US later in the session, as summed up perfectly by Ray Attrill, global co-head of FX strategy at the NAB, all that seemingly matters to markets right now is the US election outcome.
“This really is the only game in town this week,” he said on Monday morning.
“If the 2008 and 2012 elections are any guide, the result could be called as early as 3pm AEDT (on Wednesday).”
Until the result is known, polls and speculation over the result will continue to drive markets, including in the Australian dollar.
Here’s the Aussie dollar scoreboard as at 7.35am AEDT:
- AUD/USD 0.7685 , 0.0015 , 0.20%
- AUD/JPY 79.75 , 0.65 , 0.82%
- AUD/CNH 5.2037 , 0.0101 , 0.19%
- AUD/EUR 0.6942 , 0.0055 , 0.80%
- AUD/GBP 0.6148 , 0.0019 , 0.31%
- AUD/NZD 1.0477 , -0.0004 , -0.04%