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Aussie Falters Amid Worsening Covid Outbreak, Global Risk-Off Environment

AUD

Australia's deepening Covid-19 crisis knocked AUD on its head Monday, as continued spread of the Delta variant resulted in fresh restrictions and extensions to existing lockdowns. Below-forecast Chinese activity data and the fall of the Afghan capital of Kabul helped generate a broader risk-off impulse.

  • The latest nationwide True Issues survey conducted by JWS showed that approval for the government's handling of the pandemic has "fallen off a cliff" to 38% in July from 56% in February.
  • The RBA are set to release minutes from their August monetary policy meeting today. Later this week, wage price index hits the wires Wednesday, while labour market report comes out Thursday. In addition, RBA Asst Gov Kent will speak at FX Markets 2021 Conference on Friday.
  • AUD/USD last trades at $0.7340, little changed on the day. Should bears force a breach of Jul 21 low of $0.7290, they could take aim at Nov 24, 2020 low of $0.7284. Bulls eye Jul 19 high of $0.7429 for initial resistance and a break here would expose Jul 15 high of $0.7487.
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