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All Eyes On Team Australia

AUSSIE

AUD/USD was biased higher on Monday, but struggled to challenge the $0.7200 figure. Positive musings surrounding U.S. fiscal matters/Pres Trump's health inspired some risk-on flows, with liquidity thinned by regional holidays across several Australian states.

  • Team Australia steals the limelight today. The RBA is set to deliver its MonPol decision and you can find our usual preview is already on our website and in your inboxes. Elsewhere, the federal government will unveil FY20/21 budget, with focus on support for jobs, infrastructure and manufacturing.
  • Treasurer Frydenberg spoke to reporters this morning, touching upon some largely familiar themes re: budget announcement and noting that Australia now has a "two-speed" economy, namely Victoria and the rest.
  • On the data front, ANZ job ads and Australian trade balance are the main points of note today. Later in the week, focus turns to weekly payroll data (Wednesday) and housing finance data (Friday).
  • AUD/USD trades at $0.7186, a touch higher on the day. Bulls look for a break above Oct 1 high of $0.7209 before targeting Sep 22 high of $0.7235. Meanwhile, a fall past Sep 30 low of $0.7100 would open up Sep 29 low of $0.7070.
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