Melbourne Removes Curfew, JobKeeper Cuts Take Effect

AUD/USD has nudged higher in early Asia-Pac trade, following the lead of e-minis, whose uptick signals potential for the extension of Friday's rally at Wall Street. The rate last sits +11 pips at $0.7041.

• Victoria said it is easing social distancing rules ahead of schedule, which includes getting rid of Melbourne curfew, as health data has given reasons for optimism.
• Elsewhere, Victorian Health Minister handed in her resignation after pressure was mounting over her handling of the government's hotel quarantine scheme. Premier Andrews launched a probe into the programme.
• Australian federal government is working with New Zealand to establish a travel bubble by year-end.
• Dep PM McCormack revealed that the government will boost financial aid for airlines in the next budget to maintain key domestic and regional routes.
• Also, JobKeeper payments get cut today: to A$1,200 from A$1,200 for full-time workers & to A$750 for part-time workers. JobSeeker has already been reduced last week.
• A move through Friday's peak at $0.7087 would allow bulls to target Sep 9 low of $0.7192, the recent breakout level. Conversely, the 100-DMA limited losses on Friday and now intersects at $0.7012, providing the initial bearish target. Below there opens the 38.2% retracement of the Mar - Sep rally at $0.6965.
• Australian private sector credit & building approvals come out on Wednesday, M'fing PMIs from CBA & AiG as well as job vacancies hit on Thursday, while retail sales are due Friday.