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Australian Dollar Strengthens After Morrison Clings to Power

  • Nomura closes tactical AUD/USD short initiated before election
  • Incumbent government seen as better economic managers: Nomura
Scott Morrison, Australia's prime minister, second right, waves with his wife Jenny Morrison, left, and their daughters Abigail, second left, and Lily on stage during the Liberal-National coalition party election night event in Sydney, Australia, on May 18.

Scott Morrison, Australia's prime minister, second right, waves with his wife Jenny Morrison, left, and their daughters Abigail, second left, and Lily on stage during the Liberal-National coalition party election night event in Sydney, Australia, on May 18.

Photographer: David Gray/Bloomberg
Updated on

Australia’s dollar jumped at the market open after the nation’s center-right government clung to power in a surprise election victory at the weekend.

The Aussie was indicated 0.8 percent stronger in early trading at 69.26 U.S. cents after last week sinking to the weakest level since January.