(fxcue news) - The Australian dollar strengthened against other major currencies in the late Asian session on Monday, after Australia's Prime Minister Anthony Albanese won a second three-year term in the 2025 Federal Election. With more than 45% of the ballots counted, Albanese, the leader of the Labor Party, has declared a majority in parliament. Albanese pledged a "disciplined" government that would combat global trade tensions, prioritize cost-of-living relief, and reiterate support for renewable energy, tax breaks, housing, and healthcare investment. Riding an increase of voter discontent with Trump's policies, Prime Minister Anthony Albanese won the country's general election on Saturday, handily defeating the conservative Liberal-National alliance. According to analysts, Albanese's hand in trade discussions with the United States is strengthened by the election victory, which also allows the government a greater opportunity to increase fiscal spending in order to reduce the economic risks associated with a global tariff war. However, with about four rate cuts anticipated by the end of the year, swaps continue to completely price in another quarter-point rate cut to 3.85 percent this month for the Reserve Bank of Australia. Investors awaited new updates on the tariff front and looked ahead to interest rate decisions from the Federal Reserve and the Bank of England, due later this week. U.S. President Donald Trump on Sunday said the United States was in talks with several countries, including China, about trade deals. In economic news, Australia's Judo Bank Composite Purchasing Managers Index (PMI) recorded a value of 51.0 in April. Although the pace dropped from 51.6 in March, this shows that expansion has persisted for the seventh consecutive month. With a reading of 51.0, the Services PMI also showed increase for 15 months in a row. In the late Asian session, the Australian dollar rose to a 5-month high of 0.6489 against the U.S. dollar, from last Friday's closing value of 0.6444. The aussie may test resistance around 0.66 region. Against the euro and the Canadian dollar, the aussie advanced to more than 1-month highs of 1.7483 and 0.8947 from last week's closing quotes of 1.7529 and 0.8906, respectively. If the aussie extends its uptrend, it is likely to find resistance around 1.73 against the euro and 0.91 against the loonie. The aussie edged up to 93.48 against the yen 1.0846 against the NZ dollar, from last week's closing values of 93.41 and 1.0835, respectively. On the upside, 96.00 against the yen and 1.10 against the kiwi are seen as the next resistance level for the aussie. Looking ahead, Canada and U.S. S&P Global composite PMI for April are slated for release in the New York session.