AUD/USD has shed a handful of pips and.......>

AUSSIE: AUD/USD has shed a handful of pips and last trades at $0.6478 as

Australian PM Morrison & Treasurer Frydenberg unveil an A$17.6bn fiscal stimulus

package designed to shield the economy from the coronavirus outbreak. The PM

noted that the package amounts to 1.2% of GDP over its life, while the Treasurer

pointed to uncertainty re: fulls impact of the virus in Q2. Their joint press

conference has just wrapped up.

- PM Morrison will speak again this evening. He will deliver the first PM's

Address to the Nation since the GFC, outlining Australia's response to Covid-19.

- Australia's consumer inflation expectation remained at 4.0% in March.

- AUD/USD last seen -9 pips at $0.6475. A clean break below the 61.8%

retracement of Monday's range at $0.6455 would prompt bears to pay a closer

attention to Monday's low at $0.6313. Bulls would like to see a jump above the

Mar 10 high of $0.6613 initially.

- To recap, AUD/USD started on the front foot y'day as USD was weighed on by a

lack of clarity re: U.S. fiscal response to Covid-19, but broader risk aversion

applied fresh pressure to the rate later on, resulting in a close in the red.