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Australian Government To Outline Deregulation & Tax Breaks

AUSSIE

AUD/USD was generally biased higher as it fluctuated on Thursday, drawing some support from greenback sales, despite persistent differences between the White House and Democrats over U.S. fiscal matters. The rate advanced for the fourth consecutive day, with gains capped by the 50-DMA.

  • Australian gov't will outline its deregulation strategy and unveil new tax breaks today, including the removal of the 47% fringe benefits tax and extended tax concessions for SMEs.
  • The rate trades flat at $0.7185. Bulls need a clearance of Oct 1 high of $0.7209 before targeting trendline resistance drawn off Sep 1 high at $0.7270. Bears look for a dip through Sep 30 low of $0.7100, which would shift focus to Sep 29 low of $0.7070.
  • Domestic retail sales headline in Australia today. Looking further afield, participants are preparing for an eventful Tuesday next week, with the federal Budget and RBA MonPol decision due, alongside Australian ANZ job adverts and trade data. Elsewhere, Melbourne Institute Inflation comes out Monday, while weekly payroll data is due Wednesday.
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