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Aussie Loses Shine As Risk Appetite Turns Sour

AUD

After a strong Tuesday Asia-Pac session, AUD/USD took a nosedive into the WMR fix as broader risk appetite turned sour. The rate caught a bid early on, as aforementioned kiwi strength spilled over across the Tasman, and extended gains after the RBA delivered its MonPol decision. That said, emerging risk aversion applied fresh pressure to the pair.

  • ABC reported that NSW Premier Berejiklian is expected to extend the state's Covid-19 lockdown rules and impose additional restrictions for schools today. Per the report, Berejiklian will make the announcement at 11:00AEST.
  • Australia reappointed Guy Debelle as RBA Dep Gov and Ian Harper as RBA Board member for another 5 years.
  • RBA Gov Lowe is set to speak at the Economic Society of Australia at 0330BST/12:30AEST. The Governor's address on "The Labour Market and Monetary Policy" will be followed by a Q&A session. The event will be held online owing to Australia's Covid-19 situation and the details can be found here.
  • AUD/USD last seen at $0.7493, just shy of neutral levels. A fall through Jul 2 low & bear trigger at $0.7445 would clear the way to psychological support from $0.7400. Conversely, bulls look to take out yesterday's high of $0.7599, before targeting Jun 25 high of $0.7617.
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