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Fiscal Matters Still On The Radar

AUSSIE

AUD/USD pushed higher Wednesday, as U.S. Pres Trump's latest fiscal tweets included a call upon lawmakers to pass stand-alone legislation on PPP and fiscal support for airlines. The upswing stalled as U.S. equity markets re-opened and the rate traded sideways through the rest of the day.

  • Australian PM Morrison spoke to media this morning, defending the Federal Budget unveiled a couple of days back. State budget releases will be eyed going forward.
  • The pair last sits at $0.7141, little changed on the day. Bulls need a break above the 50-DMA/Oct 1 & 6 highs at $0.7205/09 before taking aim at Sep 22 high of $0.7235. Bears would be pleased by a fall past Oct 7 low of $0.7096, which would open up Sep 29 low of $0.7070.
  • Australian housing finance data is due tomorrow.

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