Australian dollar softer as GBPAUD soars

In short

1. AUD/USD eases from recent highs and falls back below 69 cents
2. GBPAUD rises following British election to its highest point in over 3 years
3. Australian unemployment data out later this week

The Australian dollar lost ground to the US dollar early on Monday, drifting below 69 cents.

On Friday, the AUD/USD had reached a multi month high of 0.6934 with high hopes of a trade deal between the US and China.

On the same day, the GBP/AUD hit a multi year high 1.9491 following the landslide election of the Conservative Party in the UK. The election result was clearly, very good for the local currency. The British Pound (GBP) surged higher against all major currencies with markets pleased with definitive result in the UK parliament.

This week in Australia, the unemployment data due out on Thursday looms as the biggest mover of the Aussie dollar. On Tuesday, we also see the release of the RBA Meeting Minutes from earlier in the month.

Overseas, we will hear from central banks in the UK in China however neither is expected to change interest rates anytime soon.