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Risk Reprieve Helps Aussie To Regain Poise

AUD

Market dynamics driven by aforementioned developments on the Covid-19 front have pushed AUD/USD higher this morning, as participants have reflected on risks from the new variant of the coronavirus. The rate last operates +15 pips at $0.7138, after some initial gyrations.

  • NSW Premier Perrottet noted this morning that a third person in the state has "possibly" tested positive for the Omicron variant. This comes after two individuals who have recently visited South Africa tested positive for Omicron on Sunday.
  • Bulls see Nov 24 high of $0.7228 as their initial target. On the flip side, bears look for a sell-off past Aug 20 low of $0.7106, which would bring Nov 4, 2020 low of $0.7049 into play.
  • The remaining inputs to Australia's Q3 GDP will hit the wires over the next two days, ahead of the release of the final report on Wednesday. Company operating profit & inventories will hit the wires at the bottom of the hour.
  • Elsewhere, it is worth noting that RBA Dep Gov Debelle will speak on two separate occasions on Tuesday.
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