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17 Mar 2020

AUD/USD stays above 0.6100 amid broad risk-off, RBA minutes in focus

  • AUD/USD struggles for direction while holding the recent recovery gains above 0.6100.
  • Global central bankers’ bold actions fail to renew the market’s trade sentiment as measures to contain the coronavirus continue.
  • RBA minutes will be observed for signs of QE after the signals for Thursday’s move.

Having refreshed more than a decade low the previous day, AUD/USD bears catch a breath near 0.6120 amid the early hours of Tuesday morning in Asia. The Aussie pair slumped on Monday as global markets ran a full show of risk aversion amid policymakers’ efforts to contain the coronavirus (COVID-19). Today’s RBA minutes will be the key even if the bank has already signaled a move on Thursday.

Amid a slew of central bank actions and government policies to tame the negative implications of the deadly virus, global risk-tone remains under pressure as investors fear the worst is yet to come.

The same was recently backed by US President Donald Trump who said that the worst of coronavirus outbreak 'could be over by July or August or later.

Though, the pair’s immediate pause during further declines could be traced to the news that the US Treasury Secretary Steve Mnuchin is in a closed-door meeting with senate-members to push for the Coronavirus Relief Bill. Earlier, the house turned down the Republican leader’s package suggesting some changes.

That said, the market’s trade sentiment struggle for direction after marking a big show of risk-off the previous day. The S&P 500 Futures recover 0.90% to 2,421 by the press time.

Traders will now keep eyes on the March month’s RBA minutes despite yesterday’s comments from bank. While rate cuts are of less concern to the Aussie traders in today’s minutes, what is more important are the signals to the Quantitative Easing (QE). “Of more interest from the Minutes will be any discussion on RBA QE ahead of Thursday's announcement,” said TD Securities.

Should there be a clear discussion concerning further stimulus or the use of unconventional monetary policy tools, investors will not refrain from extending their Aussie selling.

Technical Analysis

The monthly support-turned-resistance around 0.6185 acts as the immediate upside barrier.

 

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