Australian Treasurer Josh Frydenberg crosses wires, via SkyNews, during the weekend. The diplomat provided hints of the Aussie government’s upcoming stimulus to combat the coronavirus (COVID-19).
Key quotes
Will now allow banks to provide low-interest rate loans of up to $1 million for terms of up to 5 years.
FX implications
Because the government help earlier had a time period of 3-years and that too up to $250,000, the news seems to help the AUD/USD pair. As a result, the quote manages to ignore the spike in Victoria’s cases by an upward swing from 0.6984 to attack 0.7000 by the press time.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD hangs near multi-year low as traders await US NFP report
AUD/USD consolidates just above its lowest level since October 2022 as traders move to the sidelines ahead of Friday's release of the closely-watched US NFP report. In the meantime, rising bets for an early RBA rate cut, China's economic woes, US-China trade war fears, geopolitical risks and a softer risk tone act as a headwind for the Aussie.
USD/JPY bulls turn cautious near multi-month peak ahead of US NFP
USD/JPY moves little following the release of household spending data from Japan and remains close to a multi-month top amid wavering BoJ rate hike expectations. Furthermore, the recent widening of the US-Japan yield differential, bolstered by the Fed's hawkish shift, undermines the lower-yielding JPY and acts as a tailwind for the currency pair amid a bullish USD.
Gold price consolidates below multi-week top; looks to US NFP for fresh impetus
Gold price enters a bullish consolidation phase below a four-week top touched on Thursday as bulls await the US NFP report before placing fresh bets. In the meantime, geopolitical risks, trade war fears and a weaker risk tone might continue to act as a tailwind for the safe-haven XAU/USD.
Ripple's XRP plunges over 4% following funding rates decline
Ripple's XRP declined 4% on Friday following a decline in its funding rates. The remittance-based token could decline to test the $2.17 support level if the crypto market decline extends.
How to trade NFP, one of the most volatile events Premium
NFP is the acronym for Nonfarm Payrolls, arguably the most important economic data release in the world. The indicator, which provides a comprehensive snapshot of the health of the US labor market, is typically published on the first Friday of each month.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.