$A will ‘struggle to punch higher’ as US election weighs on sentiment

The Australian dollar is languishing near 10-week lows as nervous investors pile into the greenback amid worries over the economic fallout from the US election and a return of Donald Trump to the White House.

The local currency traded around US66¢ on Monday after four consecutive weeks of losses. It is on track to end the month down 4.3 per cent after a jump in US bond yields boosted the appeal of the safe haven US dollar.