Australia Headlines and Economic data
No major data points from Australia on the session, but we did get news that new COVID-19 cases were slowing in Australia, which may have contributed to the general positive lean in the Aussie on Monday.
Broad mover lower for the Aussie during the U.S. session, likely on continued uncertainty with the new U.S. stimulus bill (Treasury Secretary Mnuchin says Democrats are unwilling to strike a ‘reasonable’ relief deal) and as the U.S. warns colleges to divest Chinese stocks.
A strong move lower for the Aussie during the U.S. session, correlating with the U.S. dollar strength ahead of the FOMC meeting minutes event, and with the broad risk-off sentiment after the minutes showed an unexpected dovish tone on expectations that coronavirus will ‘weigh heavily’ on the economy
Wednesday’s broad risk aversion move continued through the Thursday Asia session, but eventually turned to stabilized the Aussie’s downtrend, likely sparked by U.S. dollar weakness after disappointing U.S. unemployment claims data.
The disappointing Australian updates above were the likely main drivers for the Aussie’s broad move lower during the Friday session, but we also saw a round of risk aversion hit the markets during the London session after disappointing business sentiment and Brexit updates came out from Europe.