AUD/USD had a volatile session Monday. It....>

AUSSIE: AUD/USD had a volatile session Monday. It crashed on the back of a

strong bout of risk-off flows, seen as sentiment took a hit from a plunge in oil

prices & spreading Covid-19. The rate printed an intraday low of $0.6313, but

then staged an impulsive recovery recouping earlier losses. It briefly rose to

$0.6685 ahead of the WMR fix, before easing off towards neutral levels.

- The rate has ticked higher in early trade today and currently sits at $0.6596,

8 pips better off. Talk of fiscal stimulus announcement coming up in the U.S. is

soothing the nerves, with U.S. Tsy Sec Mnuchin saying that Pres Trump is

"committed to using all tools for the economy." Participants are also on the

lookout for Australia's stimulus package. PM Morrison said this morning that

Covid-19 may pose a greater economic challenge to Australia than the GFC.

- A push above Monday's high of $0.6685 would support the bullish case, drawing

attention to the $0.6700 mark. Bears need a slide below the Feb 28 low of

$0.6434 to reinstate the downside momentum.

- The Aussie docket features NAB Biz. Conf. (today), as well as Westpac Cons.

Conf., housing finance data & comments from RBA Dep Gov Debelle (Wednesday).