Author George Hopkinson
AUD/USD Bears remain unstoppable as the AUD downside accelerates throughout the European session. The crucial 0.6000 level has been reached and the Aussie printed 17 year lows – last seen in April 2003.
The concern of a large economic slowdown in China is suffocating any chance of the AUD recovering. The RBA meeting minutes did little to disburse fears mainly due to rapidly changing developments in financial markets since the meeting 2 weeks ago; effectively leaving the minutes redundant.
A quick recap of where we stand:
US Treasury Secretary Mnuchin said the US administration would outline its fiscal plan today, with press reports saying that it would be between $800b to $850b (4%/GDP), although it could yet grow larger.
Data released overnight showed US retail sales unexpectedly fall in February, with households cutting back on purchases. The February number was down 0.5% vs January, compared to market expectations of a 0.2% rise. The numbers are largely irrelevant given the coronavirus development of the past few weeks.
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