• AUD/USD surges higher in light of hawkish RBA and uncertainty over US election.
• US Dollar weakens on speculation of Kamala Harris victory and Fed's dovish rate cut bets.
• US Nonfarm Payrolls disappointed, missing estimates and casting doubt on Fed's aggressive rate cut path.

The AUD/USD surged higher on Monday, rising by 0.70% to 0.6600 amid expectations of a hawkish Reserve Bank of Australia (RBA) policy decision and uncertainty surrounding the US presidential election.

Recently, the AUD/USD has declined due to a US Dollar recovery and concerns over China's economy. The RBA is expected to maintain a hawkish stance, supporting the AUD in the long term. Market expectations for an RBA rate cut are low, while investors are confident of interest rate cuts by the Federal Reserve (Fed) later this week and again in December.