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Firmer Metals Allow AUD To Forget About Victoria Worry; YtD Highs In Focus

AUSSIE

AUD/USD advanced Thursday, drawing support from a continued surge in gold and iron ore. Reported momentum demand helped accelerate gains, but the rate failed to take out the nearby YtD highs.

  • Treasurer Frydenberg spoke with ABC this morning, noting that the gov't will boost the JobKeeper programme by A$15.6bn.
  • AUD/USD trades flat at $0.7237 as we type. The YtD high of $0.7241 printed on Wednesday remains the initial bullish target and a break here would turn focus to Feb 2019 high of $0.7284. Bears need a pullback under Aug 3 low of $0.7077 to put the strength of buying momentum into question.
  • The RBA's SoMP & comments from RBA Asst Gov Ellis headline today.
  • Next week, focus turns to NAB Business Confidence & weekly payroll jobs and wages data (Tuesday), Westpac Consumer Confidence & wage price indices (Wednesday), consumer inflation exp. & labour mkt report (Thursday), as well as RBA Gov Lowe's speech (Friday).
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