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    AUD falls on post-election uncertainty

    Vote counting is scheduled to resume on Monday in Australian federal election that failed to produce a clear winner on the weekend, raising the prospect of prolonged political and economic instability.

    The exceptionally close vote leaves Prime Minister Malcolm Turnbull’s centre-right Liberal Party-led coalition in a precarious position, potentially needing the support of independent and minor parties to reform government. It has also opened the door to the possibility, albeit less likely, that the main opposition Labor Party could win enough backing from the smaller parties to form government itself.

    Turnbull said on Sunday he remained "quietly confident" of returning his coalition to power for another three-year term but the key independents who have become the powerbrokers after winning a greater share of the vote than anticipated are yet to declare their allegiance for either side.

    With counting expected to take several days, possibly weeks, the uncertainty is likely to put downward pressure on the Australian dollar and the share market as analysts warned Australia’s triple A credit rating could be at risk.


    Any person acting on this information does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

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