Commodity currencies fall
The Australian dollar is down a half-cent to the lows of the day at 0.7522.
The election concession might have given it an early boost but it looks like it was largely priced in and the market is more concerned about other factors.
The thing is, the regular drivers are AUD positive. Risk appetite is good and metals prices are generally higher. Oil and gold are commodities that are lower, but only modestly.
In any case, AUD/USD seems to have run into downtrend resistance after hitting a two week high earlier and has nearly wiped out the post-non-farm payrolls gains.
The highlight on the Australian economic calendar this week is the June jobs report on Thursday.
