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Polling Shows Headwinds For Morrison

AUD

AUD/USD has oscillated within a tight range, last sits marginally higher at $0.7471, comfortably within the confines of last Friday's range.

  • Bulls keep an eye on Oct 21 high of $0.7546, followed by the 50% retracement of the Feb - Aug sell-off/200-DMA at $0.7557/62. Meanwhile, Oct 18 low of $0.7379 provides the initial bearish target.
  • Positive local Covid-related headlines did the rounds over the weekend, with a further loosening of restrictions surrounding NSW and Melbourne noted.
  • The latest Newspoll for the Australian reflected growing dissatisfaction with PM Morrison's Cabinet. The opposition Labour Party widened its lead over the ruling coalition, while the approval rating of the Premier turned net negative.
  • Key Australian data releases this week include CPI (Wednesday) as well as retail sales & PPI (Friday). In addition, RBA's Debelle & Bullock will appear at Senate Economics Legislation Committee hearing on Thursday.
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