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AUD/USD Edges Higher, PM Morrison Unveils Manufacturing Strategy

AUSSIE

AUD/USD faltered into the London morning yesterday, but rebounded into the last WMR fix of the month as hopes for progress in U.S. fiscal negotiations lent support to broader risk appetite. The pair extended its move away from the 100-DMA tested last week to three straight days of gains.

  • The main theme in Australia today is PM Morrison's last speech before the delivery of next Tuesday's budget. The AFR reported that the PM will unveil a A$1.5bn manufacturing strategy, which will boost selected sectors including "resources and critical minerals, food and beverages, medical products, recycling and clean energy, defence and space".
  • Australia's AiG M'fing PMI deteriorated to 46.7 from 49.3 in Sep, while the final reading of CBA M'fing PMI for that month was revised to 55.4 from 55.5.
  • AUD/USD last trades +6 pips at $0.7168. A break above Sep 9 low & recent breakout level at $0.7192 would allow bulls to set their sights on Sep 22 high of $0.7235. Bears need a dive through Sep 29 low of $0.7070 to open up Sep 25 low of $0.7006.
  • Australian CoreLogic House Price Index & job vacancies hit later today, with retail sales coming up tomorrow.
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