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AUSSIE: AUD/USD starts the week on the back foot and last sits -36 pips at
$0.6830, as focus has turned to aforementioned factors limiting risk appetite.
Record Covid-19 case counts in several U.S. states & a fresh outbreak in Beijing
provide a source of worry. Meanwhile, the Global Times circulated an article
noting that China might eventually move to restrict Australian iron ore exports
if bilateral tensions escalate. On that same note, a Chinese court sentenced an
Australian man to death for drug smuggling, but Trade Min Birmingham commented
that the ruling should not be viewed as part of escalating bilateral spat.
- Elsewhere, Australian PM Morrison is set to announce a new A$1.5bn
infrastructure spending package as the gov't is trying to revive the economy
after the coronavirus crisis.
- Bears look for a move through Jun 12 low of $0.6800, towards Jun 1 low of
$0.6646. Bulls initially target Jun 11 high of $0.7005.
- Australian economic docket this week is headlined by RBA Jun MonPol meeting
minutes, weekly payroll jobs and wages & Q1 house price index (Tuesday), labour
mkt data (Thursday) and flash retail sales (Friday).