There is an election due in Australia in coming months, with a number of possible dates.

Many close to the Australian PM, Kevin Rudd, are urging him to call it for August 31.

If an election is called for August 31, the latest this can be done is on Monday.

This opens up the possibility that there may be an election called over the weekend, when markets are closed – so that is something to be be aware of. I suspect if its going to be August 31 then the announcement will come Monday, not on the weekend, but the possibility of a weekend announcement is there.

Polls have narrowed and what was once an assured victory for the current opposition is now a much, much closer contest.

An announcement of the election date is not going to have a huge impact on the AUD, but there may be some sort of position shuffling at the time.