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NSW Covid Matters Still In Focus

AUD

AUD/USD firmed Thursday, drawing support from buoyant risk appetite. Despite edging higher through the day, it failed to challenge the prior day's high, making Thursday a bullish inside day.

  • Australia's underlying cash deficit was A$125.4bn in the 11 months through May 31, according to the gov't's latest financial statements.
  • China filed a lawsuit against Australia at the WTO over the anti-dumping and anti-subsidy measures imposed by Canberra on Chinese railway wheels, wind towers and stainless steel sinks, in another sign that bilateral trade relations are getting increasingly strained.
  • The NSW gov't holds a crisis meeting today to discuss the local Covid-19 situation.
  • Australian economic calendar for next week features private sector credit (Wednesday), job vacancies & trade balance (Thursday) as well as housing finance data (Friday). RBA Gov Lowe will speak on Wednesday.
  • AUD/USD trades flat at $0.7583, with bulls looking for a break above a cluster of Jun 23 high/round figure/ 23.6% recovery of the Feb 25 - Jun 21 slide located at $0.7599/0.7600/0.7603 respectively. Next resistance is at $0.7726, the high print of Jun 14. Bears keep an eye on Jun 21 trough at $0.7476.
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