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AUD/USD Opens Lower On Victoria Covid-19 Situation, Recoups Losses

AUSSIE

AUD/USD edges higher in early Asia-Pac trade, after sticking to an ~80 pip range last week, in sync with an uptick in e-minis. The rate last deals +6 pips at $0.7176.

  • The rate opened a handful pips lower after Victoria Premier Andrews announced that the state will extend its state of emergency by four weeks, as the number of deaths from Covid-19 surpassed 300.
  • Elsewhere, Australian Health Min Hunt said that the gov't is close to finalising a deal to manufacture a Covid-19 vaccine. The Sunday Telegraph reported that Australia is in talks with AstraZeneca.
  • Bulls look for a break above Aug 5/7 highs of $0.7241/43, which would clear the way to Feb 2019 high of $0.7284. Bears need a fall through Aug 3 low of $0.7077 before targeting Jul 24 low of $0.7064.
  • The RBA will publish the minutes from its Aug MonPol meeting on Tuesday. Later in the week, focus moves to Friday's flash CBA PMIs & ABS preliminary retail sales.
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