AUD/USD - Opens Higher As Optimism Dominates Price Action...من Invincible

20 May 2020, 11:26 · Views 752

AUD/USD opens 1.7% higher after risk assets soared on investor optimism
Progress in developing a COVID-19 vaccine & progress on EU package underpins
AUD and NZD the best performing currencies in refection of upbeat sentiment
AUD/USD closed above 100-day MA (0.6507) for first time since Jan 23
Support at 10-day MA at 0.6477 and 21-day MA at 0.6450
AUD/JPY flows out of Tokyo eyed after the cross gained 2.0% yesterday

AUD/USD - Opens Higher As Optimism Dominates Price Action

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NAB chief executive Ross McEwan says the government could put some of the $60 billion in savings from the JobKeeper scheme into extended support for hard-hit businesses such as tourism operators and restaurants. In a wide-ranging discussion released by the bank, Mr McEwan also predicted consumers' shift away from using cash during the pandemic was likely to be permanent, as customers flock to digital payments. Amid debate over whether the government should bank the savings from last week's $60 billion costing bungle, or spend the money elsewhere, Mr McEwan said the scheme was playing a "vital" role in helping firms hold onto workers. He highlighted the plight of tourism-linked businesses especially, including hotels, cafes, bars, and nightclubs.

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It is worth noting that the Fed's interest rate meeting tonight will be the first time since December last year that a "dot map" will be released, providing forecasts of the US economy and interest rates. The forecast, which was supposed to be released in March, was shelved due to a shift to an emergency meeting.

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Australia's benchmark ASX 200 was up 1.75%, with all sectors trading higher. Markets in Singapore, India and Indonesia were shut due to public holidays. Asia markets traded mixed on Monday as investor sentiment in some markets remained resilient despite growing concerns over the U.S.-China relationship.

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