Holding Tight Range With Lowe's Speech Under Scrutiny

Wednesday saw AUD/USD climb in Asia & Europe, only to erase gains just after the WMR fix, as the White House and Democrats signalled that they remain far apart in their stimulus talks, with Tsy Sec Mnuchin saying that reaching accord before the presidential election would be "difficult". The rate shied away from the prior day's extremes and finished near opening levels.

• AUD/USD has been unfazed by the address from RBA Gov Lowe so far. The Governor said that the central bank remains committed to do what it reasonably can to shore up the economy, but noted that policymakers have not yet made any decisions, as they are working through several issues. Lowe reiterated that we shouldn't see any rate hikes for at least three years, while noting that the central bank needs to see more than just progress towards full employment.
• Australian consumer inflation expectation and labour market report will provide the main points of note later today.
• AUD/USD trades at $0.7160, little changed on the day & holding a narrow range. A push through trendline resistance at $0.7213 would turn focus to Oct 10 high of $0.7243. Conversely, a break under Oct 13 low of $0.7150 would expose Oct 7 low of $0.7096, the near-term bear trigger.