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Australian FinMin Reaffirms Plans To Reduce Fiscal Support

AUSSIE

AUD/USD hovers near unchanged levels at the start of the week, after the rate headed lower on Friday. The rate looked past comments from Australian FinMin Cormann from over the weekend, with the Minister noting that the gov't still plans to start rolling back the JobKeeper programme at the end of next month, amid the need to "transition out of this historically crisis-level fiscal support". Fortnightly payments are set to decline from A$1,500 to A$1,200.

  • Elsewhere, Victoria coronavirus situation remains under continuous scrutiny, after the state declared its largest daily increase in deaths from the disease. Chinese inflation data is also on the radar today.
  • AUD/USD trades little changed at $0.7156, with bears looking for a fall through Aug 3 low of $0.7077, followed by Jul 24 low of $0.7064. Bulls need a clearance of Aug 5/7 highs of $0.7241/43 before targeting Feb 2019 high of $0.7284.
  • Australia's economic docket this week features NAB Business Confidence & weekly payroll jobs and wages (Tuesday), Westpac Consumer Confidence & wage price index (Wednesday), as well as consumer inflation expectation & labour mkt report (Thursday).
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