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Aussie Marginally Higher, Cabinet To Discuss Border Re-Opening Timeline

AUD

AUD/USD trades above neutral levels, with weekend reports pointing to Australia's international border being fully re-opened within a few weeks. PM Morrison confirmed that the federal Cabinet will debate the matter today, with one minister signalling the need to re-open borders as soon as possible. When this is being typed, AUD/USD changes hands +9 pips at $0.7081.

  • Bulls need a clearance of Feb 3 high of $0.7168 before taking aim at Jan 20 high of $0.7277. Conversely, a retreat under Feb 1 low of $0.7034 would bring Jan 28, 2022/Jul 16, 2020 lows of $0.6968/63 into play.
  • Australia's Defence Min Dutton ramped up hawkish rhetoric on the expansion of China's influence in the South China Sea, ahead of a planned summit of the Quad alliance in Australia this month. Dutton told the SMH that the U.S. and its allies have "acquiesced and allowed" Beijing to increase its control over the strategically important sea.
  • Quarterly retail sales and monthly ANZ job ads headline the domestic docket today, with NAB Business Confidence, Westpac Consumer Confidence & consumer inflation expectations coming up later this week.
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