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Focus turns to the Budget brief

AUD
  • Next event in FX, will be in AUD, at 10.30BST, when Australian Treasurer Frydenberg Briefs on Budget.
  • Australia's 2021/22 Federal Budget, with recent commodity & jobs mkt developments expected to allow the gov't to boost spending & keep a lid on fiscal deficit.
  • CBA says: "AUD is unlikely to be materially impacted by tonight's Australian government Budget.
  • The Budget bottom line will be greatly improved because the economy has rebounded and because of significantly higher commodity prices. The better budget will give room for the government to increase spending."
  • AUDUSD remains at mid range, albeit better bid, with USD mostly better offered

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