Aussie made the biggest growth in 2019 after shock choice at Reuters

By Saikat Chatterjee
LONDON (Reuters) – The Australian Dollar increased on Monday and is heading for its biggest growth this year as investors cheered on a shock election win by Prime Minister Scott Morrison Conservative Coalition, though Mixed global stocks largely outweighed risk willingness.
It was last 0.9% at $ 0.6926, having jumped from a four-month breakthrough of $ 0.6865. It was briefly quoted as high as $ 0.6990, but the dealers said it was a miss-hit, and the actual transaction was $ 0.6938.
"The surprise owner burns the rally, so many expected the Labor Party to win, but an Australian price reduction is still very much on the cards in the coming months and it will weigh on the currency," said Esther Maria Reichelt, an FX strategist at Commerzbank ( DE 🙂 in Frankfurt.
Middle Left Labor Party Was Tipped to Win The Federal election beats Morrison's middle-right Liberal National Coalition, which investors see as more business-friendly.
Tepid economic data, including a rising unemployment rate, has come up with expectations, the Australian central bank will cut interest rates as soon as July.
Elsewhere, the dollar was surprisingly stuck on Monday, and widened its gains from last week as concerns about a US trade war in China and burned in greenbacks safe-haven appeal.
Position data gave a glimpse of the dollar's toughness, as investors have stylishly trimmed some of their long positions in the US currency against both their developed and emerging market rivals.
Against a basket with its rivals, dollars stood at a two-week high above 98.
The pound recovered some losses after posting its biggest weekly fall in six months last week, by 0.2% higher on $ 1[ads1].2736 and 0.1% stronger against the euro of 87.62 pence.
Prime Minister Theresa May said on Sunday that she would make a "new bold offer" to British legislators in an attempt to get her three times defeated Brexit agreement through parliament before leaving the office.
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