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AUSSIE: Despite creeping higher in early Tuesday trade, AUD/USD retreated
thereafter as risk appetite turned sour again. A strong beat in U.S. retail
sales print allowed the rate to resist mounting pressure, but it dived into the
WMR fix after Beijing closed all schools, fuelling concerns over the local
resurgence of the novel coronavirus. Geopolitics helped limit risk sentiment,
amid the escalation in Sino-Indian & inter-Korean tensions.
- Tuesday afternoon saw Australian Foreign Min Payne criticise Beijing for
spreading disinformation during the Covid-19 pandemic, while pushing back
against China's claims re: racism against its students in Australia.
- AUD/USD has shed 10 pips and last sits at $0.6879, with bears looking for a
drop through Jun 15 low of $0.$0.6777, which would open up Jun 1 low of $0.6646.
Bulls need a jump above Tuesday's peak at $0.6977 before targeting Jun 10 high
- Focus turns to Australian labour mkt data (Thursday) and flash retail sales