Election outcome helps push Aussie higher

The Australian dollar gained some ground against a weak US dollar in Friday's trading session. It retreated from previous highs amid growing concerns about a global economic slowdown and its impact on demand for commodities.
Steady equity markets and firm gold prices help push the Aussie higher during the day, but lingering risk aversion amid the fallout from the slump in the US housing sector kept investors from taking bigger positions against the Aussie.

Over the weekend the Aussie remained in a tight trading range ahead of Australia's general election. The Aussie rebounded further on open this morning as the decision of Kevin Rudd as prime minister took effect. Analysts said while a victory by the opposition Labour Party was not a surprise and was unlikely to prompt significant changes to the country's economic policies, the clear outcome from the election had relieved investors.
The Aussie is in a tough position this week with little data out to help give it any direction. Most traders will look offshore for any announcemnt to give the Aussie a boost.

Trading Range
0.8780-0.8850