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AUD Faces Light Pressure On Tighter Victoria Restrictions

AUSSIE

AUD/USD started the week on a softer footing, after Victoria declared a state of disaster, imposed a state-wide lockdown and introduced a curfew in Melbourne in a bid to contain the spread of new Covid-19 infections. Australian Treasurer Frydenberg told Sky News that "this is a massive kick in the guts to Victorian businesses" as he warned against the economic consequences of tightened restrictions. The state will operate under the new rules for six weeks. The Trump administration's continued sabre-rattling vs. TikTok has not supported AUD either. That being said, AUD/USD has ticked off lows and last trades at $0.7140, just a touch below neutral levels.

  • The rate snapped its five-day winning streak on Friday and bears look for a deeper retreat, through Jul 30 low of $0.7121, towards Jul 24 low of $0.7064. Bulls keep an eye on Jul 31 high of $0.7227 and a break here would open up Feb 2019 high of $0.7284.
  • AiG & CBA (f) M'fing PMIs, Melbourne Institute Inflation and ANZ job ads are due of Australia today. Trade balance, retail sales & RBA MonPol decision are due tomorrow, housing finance data comes out on Wednesday, while the RBA's SoMP & comments from RBA's Ellis are due Friday.
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