Australian shares are headed for a moderate drop as Britain's general election unfolds and the US Federal Reserve keeps interest rates on hold.
By 7:00am (AEDT), ASX futures were down 28 points or 0.4 per cent.
In corporate news, Westpac will attempt to avoid a shareholder revolt at its annual general meeting in Sydney from 10:00am AEDT.
The bank received a record "first strike" vote of more than 62 per cent against its executive remuneration plan at last year's AGM.
If Westpac receives a "second strike" today — in light of its money laundering scandal — it could trigger the vote for a board spill.
Meanwhile, the Australian dollar jumped to 68.8 US cents, its highest value in five weeks.
It also lifted sharply to 52.1 British pence as the latest polls revealed that UK Prime Minister Boris Johnson's previously strong lead had narrowed considerably.
Although Mr Johnson and the Conservatives are still the favourites to win the election, there is a possibility they may not command a parliamentary majority — which may lead to further Brexit uncertainty.
Fed holds rates steady
As expected, the Fed voted to keep its benchmark rate unchanged at the 1.5-1.75 per cent target range.
Australia's record-low cash rate, in comparison, is 0.75 per cent and is expected to fall even lower by February 2020.
The US central bank has also signalled that borrowing costs are likely to remain at that level indefinitely, having slashed rates three times since June.
It also expects moderate economic growth and low unemployment to continue through next year's presidential election.
On Wall Street, the Dow Jones index was flat at 27,886 points by 3:10pm (local time).
Amid a cautious trading session, the benchmark S&P 500 and tech-heavy Nasdaq lifted by 0.2 and 0.4 per cent respectively.
Spot gold jumped to $US1,478 an ounce, while Brent crude oil fell sharply to $US63.94 per barrel.
