The Australian Dollar shrugged off the resurgence of Covid-19 infections in Victoria where nine high-rise public housing towers in Melbourne went into hard coronavirus lockdown. Which means residents will not be able to leave their units under almost any circumstances for at least 5 days. According to the Australian Business Insider, they will receive two weeks of rent relief, deliveries of food and activities, and hardship payments for those out of work. Business Insider said that the heavy police presence, about 500 officers per total shift, with a presence on most floors, “amplified concerns about overzealous policing of marginalised communities through the pandemic.” Victoria recorded 74 new cases yesterday, down from Saturday’s high of 108.
Today sees the release of Australia’s ANZ Job Advertisements for June. Tomorrow the RBA has its monetary policy meeting and rate announcement. Traders will look to see the RBA’s assessment for future guidance given the recent surge in coronavirus cases and the lockdown response in Melbourne.
AUDUSD closed in New York at 0.6945 (0.6925). The overnight high traded for the Battler was 0.69477. Immediate resistance is found at 0.6960 followed by 0.7000. Immediate support can be found at 0.6920 followed by 0.6880. Look for consolidation today in a likely range of 0.6910/70. Prefer to sell rallies.