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AUSSIE: Coronavirus-driven AUD sales have brought AUD/USD to its worst levels in
six weeks, just above the $0.6800 mark. Reports of a rising number of infections
and death toll in China provide one source of worry. Meanwhile, the Sydney
Morning Herald reported that a fifth person in Australia may have contracted the
virus. The person in question has tested positively for the presence of the
pathogen, with a confirmation expected later today.
- The virus took its toll on AUD/USD Friday, dragging it 15 pips lower.
- With the rate last seen -27 pips at $0.6805, the psychological barrier & Dec
10 low of $0.6800 provides the initial bearish target. A clean break here would
expose the Nov 29 trough at $0.6754. Bulls need a jump above the $0.6844 100-DMA
before taking aim at the Jan 23 high of $0.6879.
- The local markets are shuttered for a national holiday. On the radar this week
are Australian NAB Business Confidence (Tuesday), Q4 CPI (Wednesday), as well as
PPI and private sector credit (Friday). As a reminder, the RBA are set to
deliver their next monetary policy decision on Feb 4.