Published by Mark Smith-HalvorsenThe Australian dollar was lower this morning after national elections at the weekend resulted in the country's first hung parliament since the 1940s.The Aussie slipped against all 16 major counterparts tracked by Bloomberg, while there were also losses in Australian stocks, although mining companies including BHP Billiton and Rio Tinto rose on speculation that a proposed mining tax will be axed by the new coalition.Labour and the Liberals are watching the latest poll counts carefully, with both parties almost neck and neck, but neither is expected to claim the 76-seat majority needed to govern autonomously.As such, both parties will be honing their negotiation skills to form a new coalition with Australia's independent parties.Phil Burke, chief dealer for global foreign exchange and rates at JPMorgan Chase & Co. in Sydney, told Bloomberg that forex brokers will continue to put pressure on the Aussie while there is uncertainty in the political sphere."It's also going to add to the negative sentiment on the global outlook which will probably see Aussie struggle anyway," he added.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site