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With no major catalysts from Australia this week, price action in Aussie pairs were driven mainly by global risk sentiment and counter currency flows in a low volatility week.

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

Australian Headlines and Economic data

Monday:

Australia AIG Services Index: 42.5 in August vs. 44.0 in July

Job advertisements rise just 1.6% in August vs. 19.1% in July

Tuesday:

Australia business conditions soften, confidence still fragile: survey

Australian banks to fund government stimulus bill

Aussie performance diverged on Tuesday, indicating that broad risk sentiment was the main influence on Aussie traders for the session.

Wednesday:

AU’s Westpac: consumer sentiment roars back despite news of recession

Australia July home loans jump sharply as mobility restrictions eased

Thursday:

With no major catalysts from Australia and broad risk sentiment leaning more negative, the broad move higher in the Aussie during the U.S. session was likely a reaction to counter currency flows as the U.S. dollar weakened during the ECB monetary policy event (pressure from a stronger euro after a lack of an expected jawboning from the ECB), and Sterling weakness on rising Brexit fears.