Australian Covid-19 trend is very encouraging, but brutal global economic data and tensions in China suggest short-term risks are 0.6300 / 50, by Westpac
The title unemployment rate only increased by 1 ppm to 6.2%, but the underemployment rate of 13.7% is more indicative of the collapse in activity in Q2, as was -9.2% for Hours worked. “
Australia’s export prospects remain worrying and now agriculture like barley and beef is threatened by Chinese bans. China’s relations with the United States are also deteriorating day by day. “
“AUD / USD rallies should weaken in the middle of 0.65, with risks at 0.6300 / 50”.