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It was a battle between Coronavirus fears and net positive Australian economic updates, and it looks like the fundies win out as the Aussie comes out mixed but a net winner this week against the other major currencies.
Australian Headlines and Economic data
Monday:
- Australia job ads rise for a second month, still down annually
- Coronavirus slams the brakes on Australian manufacturing
- Commonwealth Bank Manufacturing PMI rises to five-month high amid supply disruptions
- We also saw a round of positive global risk sentiment during the Asia session, likely on news of the Bank of Japan pledging support sparking speculation of coordinated global policy action to combat the coronavirus.
Tuesday:
- RBA slashes interest rates to new low of 0.50% to counter coronavirus hit
- Australia records another current account surplus in Q4 2019
- Australia’s dwelling approvals moderate in January
Wednesday:
- AIG construction index improves from 41.3 to 42.7 in February
- Australia’s economy does better in December quarter but troubles ahead
- Australia’s services activity shrinks in February on bushfires, coronavirus impact
Thursday:
- Australian trade surplus narrowed from 5.38B AUD to 5.21B AUD vs. 4.80B AUD forecast
- Aussie bears take back control big time during the Thursday trading session, likely on negative global risk sentiment as Coronavirus fears spiked higher, especially after California declared state of emergency over coronavirus.
Friday:
- AIG services index: Virus concerns disrupt services businesses
- AU retail: Worst Christmas-New Year for retailers on record
- More Coronavirus fears was likely a contributor to the negative Aussie sentiment after the weak economic updates after the markets were hit with news of more than 100,000 infections worldwide and Coronavirus deaths rise to more than 3,300 worldwide.