National Cabinet To Discuss Vaccinating Children, Updated Covid Advice

AUD/USD went offered Thursday as risk aversion took hold, exacerbated by deadly attacks outside of the Kabul airport. Softer crude oil prices applied some further pressure on commodity-tied FX space. Locally, the deepening Covid-19 crisis in NSW provided a source of concern, as the state recorded its first four-digit daily case count.

• The National Cabinet meeting today will discuss opening vaccinations to 12-15-year-olds and updated advice from the Doherty Institute, which calls for "caution" in relaxing curbs, as certain under-vaccinated groups will remain vulnerable even after more than 70% of Australians aged 16 and over get their jabs.
• Australian retail sales will hit the wires later today, while RBA's Richards (Head of Payments Policy) & his deputy Thompson will testify to lawmakers.
• Next week will see the release of remaining Q2 GDP partials, with the final print coming up Wednesday. Building approvals (Tuesday), CoreLogic House Prices (Wednesday) & trade balance (Thursday) are also due.
• AUD/USD has ticked higher and now trades at $0.7243, 6 pips better off. A rally above $0.7280, which capped gains over the last two days, would shift focus to Jul 21 low of $0.7290. On the flip side, a dip through Aug 24 low of $0.7201 would clear the way to Aug 20 low & bear trigger at $0.7106.