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AUD Nudges Higher In Early Asia-Pac Trade

AUSSIE

AUD/USD wavered yesterday, as participants weighed headlines on U.S. fiscal matters and the global coronavirus situation. The rate slipped initially, but recouped losses and finished around unchanged levels.

  • Australia's National Cabinet meets today and PM Morrison is expected to push for lifting the cap on international arrivals, which currently stands at 6,000/week.
  • China's ambassador to Australia sparked controversy by comparing Liberal Senator Abetz to Joseph Goebbels, after Abetz demanded that Chinese Australians denounce the Chinese government.
  • The rate has added 16 pips thus far and trades at $0.7133. A break above Oct 15 high of $0.7170 would open up trendline resistance at $0.7182. Bears keep an eye on Oct 20 low of $0.7021 and a breach of that level would expose Sep 25 low of $0.7006.
  • Flash Australian CBA M'fing PMI deteriorated to 54.2 from 55.4, while the services gauge improved to 53.8 from 50.8.
  • Next week's highlights include flash trade balance (Monday), , comments from RBA's Bullock (Tuesday), CPI (Wednesday) and NAB Business Confidence (Thursday).
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