The Australian Dollar is at risk of extending its retreat from the yearly high set on September 1 ahead of the Reserve Bank of Australia’s interest rate decision on October 6, despite the planned easing of coronavirus restrictions in Melbourne – Australia’s second largest city.
With the 14-day rolling average of Covid-19 infections falling to 25.1 and the virus growth rate drifting below 0.5, Melbourne is poised to move to the second stage of Victorian Premier Dan Andrews’ “reopening roadmap” on September 27.
However, Andrews warned that “Sunday will not be a day of massive steps [and] is not a day when we essentially throw the doors open”, adding that instead it will be a series of “steady and safe steps” to ensure that there is a “gradual and continued decline in these numbers”. Read more…..
Chart of the Day
The Australian Dollar rose despite an RBA rate cut in March, what gives? DailyFX Analyst Daniel Dubrovsky covered the announcement and discussed the AUD/USD, AUD/JPY, AUD/NZD and AUD/CAD outlook.