Australia’s new Prime Minister Anthony Albanese said on Monday that the relationship between Australia and China will remain difficult.

His comments come during his swearing-in, a few hours before his travel to join a summit with the US, Japanese and Indian leaders, known as the Quad, later this Monday.

Albanese's Labor Party defeated Scott Morrison's conservative government in a general election on Saturday.

Market reaction

AUD/USD preserves most of its early gains, as it keeps its range below 0.7100, up 0.75% on the day.