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13 Feb 2020

AUD/USD nears five-day high around 0.6740 with eyes on RBA’s Lowe

  • AUD/USD registers four three-day winning streak.
  • Expectations that the coronavirus is a short-term disappointment to markets keep favoring the risk-recovery.
  • Aussie Consumer Inflation Expectations and RBA’s Lowe will decorate the economic calendar in Asia.

AUD/USD remains modestly changed to 0.6737 as the Australian markets open for trading on Thursday. The Aussie pair recently benefited from broad risk reset while the latest pause in run-up could be attributed to the upcoming speech by the RBA Governor Philip Lowe.

Markets less fearful of Coronavirus risk…

Despite claiming more than 1,000 lives and weighing on trade sentiment for the last few days, coronavirus is losing its negative effects as global policymakers, including the Fed Chair and the US Treasury Secretary Steve Mnuchin, consider it a short-term risk.

Even so, the Global rating giant Fitch and the World Health Organization (WHO) head Tedros Adhanom Ghebreyesus sent alarming signals if the epidemic stretches for long.

However, the market players gave more emphasis to the positives than the negative notes while fueling the risk-tone. That said, the US 10-year treasury yields gained nearly five basis points to 1.637% whereas Wall Street had another day to the record highs by the end of their trading for Wednesday.

Will Lowe follow Orr?

Following the upbeat remarks from RBNZ Governor Adrian Orr during Wednesday, the RBA leader Philip Lowe is awaited to speak on what he thinks for coronavirus. The RBA chief is scheduled to Economic Leadership Forum, in Melbourne, where audience questions are also expected. During his latest remarks on February 06, the central banker mentioned that the coronavirus risks to Australia are higher than SARS.

Ahead of the RBA’s Lowe’s public appearance, Aussie Consumer Inflation Expectations for February, expected 4.3% versus 4.7% prior, will be the key to watch.

It’s worth mentioning that the US Federal Reserve Chair Powell reiterated his cautiously optimistic testimony and continued to spread the risk-on move. In doing so, the US dollar dropped against broadly strong commodity-linked currencies including the Australian dollar.

Technical Analysis

With the quote nearing a six-week-old falling trend line, at 0.6745 now, traders will wait for a clear upside to aim for a 21-day SMA level of 0.6770. Alternatively, 10-day SMA near 0.6715 acts as immediate support.

 

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