New Zealand won't have the presence its had in previous years, at today's 165th running of the Melbourne Cup

Wet conditions are forecast at Flemington for much of the day.

Irish raider Al Riffa is sitting favourite - paying seven dollars, following a single bet yesterday of 570-thousand dollars.

TAB Racing Bookmaker Thad Taylor says it brings the strongest European form seen this century.

He says European horses are increasingly becoming an imposing presence at the Melbourne Cup.