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Erasing Gains

AUD

The RBNZ MonPol decision pushed AUD/USD higher in Wednesday's Asia-Pac hours, but early gains evaporated later in the day as the greenback staged a broad-based recovery, amid renewed worries over the global coronavirus situation. Liquidity was limited, as the U.S. was off for the Vets Day holiday.

  • Australian Agriculture Dept released a notice suggesting that China has suspended log exports from Victoria until further notice. This comes after yesterday's press conference with Chinese Asst Commerce Min Li, who noted that Australia "should know what it needs to do to improve" its relationship with China.
  • The rate last trades flat at $0.7280. A fall through Nov 6 low of $0.7239 would shift focus to Nov 5 low of $0.7145. Conversely, a clearance of Nov 9 high of $0.7340 would expose $0.7345, the high print of Sep 16.
  • Australian consumer inflation expectations hit the wires at the top of the hour.
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