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The deficiency of top tier data has caused most currencies to remain little changed since the market closed on Friday, with exception to all Aussie related pairs. The Australian Federal election was held this weekend and presently the vote counting continues, however all estimates point to something which hasn’t occurred since World War II; a hung parliament. Neither Australian Prime Minister Julia Gillard (Labor Party) nor opposition leader Tony Abbott (Liberal/National Party) gained an outright majority -meaning one side must win a minimum of 76 seats in the House of Representatives - causing the AUD/USD to gap lower over the weekend from 0.8935/40 on Friday to 0.8855/60 (as noted in the week ahead). Additionally, the AUD/JPY dropped from 76.50 to 75.80 and AUD/NZD gapped from 1.2645 to 1.2560. However, the negative impact on the AUD could be relatively short-lived once either party establishes a coalition government (especially if it’s the Liberal/National Party who pledged to repeal the Minerals Resource Tax).
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