Victoria Covid Case Count Eases, PM Morrison Sees Jobs Mkt Recovery

AUD/USD trades at $0.7292, little changed at typing, as participants reflect on weekend press reports and await fresh catalysts.

• Some optimistic news on the coronavirus front: Victoria declared just 11 new coronavirus cases over the last 24h, the lowest daily count in more than three months.
• PM Morrison also sounded optimistic as he appeared on the ABC's Insiders programme. He anticipated that "there will be hundreds of thousands of more jobs coming back in between now and Christmas".
• The PM noted that the next budget will involve "a range of [supportive] measures", but refused to elaborate on details.
• Separately, the Sydney Morning Herald reported that "the Morrison government is preparing to unleash an 'astounding' amount of spending in next month's budget" and "a deficit well beyond $200 billion is now expected".
• From a technical perspective, bulls look to take out Sep 16 high of $0.7345 before targeting the 76.4% retracement of the Sep 1 - 9 sell-off at $0.7362. Conversely, a break under Sep 10 low of $0.7248 would open up Sep 9 low of $0.7192.
• Australia releases weekly payroll jobs and wages data on Tuesday, with flash CBA PMIs and preliminary retail sales from the ABS coming up on Thursday. Flash trade balance is due Friday. Elsewhere, RBA Dep Gov Debelle speaks on Tuesday.