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After a positive start, the Aussie dollar fell against most of the majors this week, driven by some risk-off vibes from geopolitical and economic growth concerns.

Overlay of AUD Pairs: 1-Hour Forex Chart
Overlay of AUD Pairs: 1-Hour Forex Chart
AUD Weekly Performance from MarketMilk
AUD Weekly Performance from MarketMilk

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.


Australia signs deal with AstraZeneca for possible COVID-19 vaccine

RBA Meeting Minutes: No need for further easing; downturn not as severe as expected

ANZ-Roy Morgan Australian weekly consumer confidence: 88.6 vs 86.5 previous

The Conference Board Leading Economic Index for Australia increased 0.4% in June 2020 to 108.1

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.


The Westpac-Melbourne Institute Leading Economic Index in Australia rose by 0.1 percent month-over-month in July of 2020

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.


Commonwealth Bank Australia Flash Composite PMI falls to 48.8 in Aug. vs. 57.8 in July

Australia Retail trade -3.4% q/q in June 2020 in terms of volume

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.