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Further escalation in concerns over the impact of the Omicron coronavirus variant on the global economic recovery weighed on risk assets late doors Wednesday, after the U.S. confirmed its first case of the new variant. AUD/USD wiped out its earlier gains and finished the day on a softer footing.
- The rate last sits at $0.7106, barely changed on the day. Bears see Nov 30 low of $0.7063 as their initial target, a break here would open up Nov 4, 2020 low of $0.7049. Bulls would be pleased by a rebound above Nov 26 high of $0.7198 towards Nov 24 high of $0.7228.
- Australia's monthly trade balance & housing finance data will hit the wires today.