An ugly week for the Australian dollar as broad risk sentiment soured due to rising pandemic fears, negative comments from RBA officials and negative economic updates from Australia.
Overlay of AUD Pairs: 1-Hour Forex Chart
AUD Weekly Performance from MarketMilk
Australian Headlines and Economic data
Monday:
There were no major market drivers from Australia, so the net negative performance on the session against the majors was likely due to the continued negative lean on broad risk sentiment. This continues to be driven by a worsening situation with the pandemic, as well as a lack of fresh stimulus to combat the economic fallout and the rising odds of lockdowns.
Tuesday:
Australia central bank assessing various monetary policy options, A$ slips
RBA’s Debelle: Australia is not going to recover from the recession quickly
ANZ-Roy Morgan Consumer Confidence up 1.1pts to 93.5 as new COVID-19 cases continue to decline and restrictions ease
Wednesday:
Australian private sector output returns to growth in September
Australia preliminary retail sales down 4.2% in August, Victoria hit hard
Westpac’s Evans jolts Australian markets with RBA rate-cut call
Thursday:
Australia to overhaul bankruptcy laws to help firms over COVID-19
Australian Treasurer Josh Frydenberg sets 6% threshold in recovery plan
Friday:
Commonwealth Bank of Australia expects steady policy rates in October
Josh Frydenberg casually reveals eye watering $83 billion deficit
Australian Treasurer said he would revoke lending laws to make lending to consumers easier