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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.