Tuesday's Budget & RBA Decision Eyed

AUD/USD has held a tight range this morning and last trades +4 pips at $0.7165. Duelling headlines on U.S. President Trump's health conditions have been eyed, with his doctors disclosing that the POTUS has received experimental treatment for Covid-19 and noting that he might be released from hospital as soon as on Monday. In Australia, all eyes are on tomorrow's play in two acts from the "Team Australia", with the RBA due to deliver their MonPol decision and Treasurer Frydenberg set to deliver the budget.

• A quick reminder: Australian Capital Territory, New South Wales and South Australia and Queensland observe regional holidays today.
• Treasurer Frydenberg and Dep PM McCormack were doing the media rounds ahead of the budget. Frydenberg pointed to upcoming tax cuts and assistance for low income workers, while McCormack discussed the planned infrastructure spending. It also emerged that the budget assumes the availability of a Covid-19 vaccine at some point in 2021, something that
• Bulls need gains past Oct 1 high of $0.7209 before targeting Sep 22 high of $0.7235. Conversely, a fall through Sep 30 low of $0.7100 would expose Sep 29 low of $0.7070.
• Looking ahead, Melbourne Institute inflation comes out today, trade balance and ANZ job ads add to the already packed Tuesday docket, weekly payroll data hits on Wednesday, while RBA FSR & housing finance data are due Friday.