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Australian dollar’s recovery from Tuesday’s low at 0.7150 has been capped at 0.7185 during the early US trading session and the pair has given away gains, retreating to the mid-range of 0.7100.
The greenback has gained traction during the US session, buoyed by its safe-haven status as market sentiment plunged after US Treasury Secretary Steven Mnuchin crushed hopes of a COVID-19 stimulus deal. Mnuchin affirms that the positions are still far apart and that it would be difficult to reach an agreement before the elections.
This news has increased market concerns about the global economic impact of the second pandemic wave after Johnson & Johnson reported on Tuesday that its coronavirus study has been paused, dampening hopes of a vaccine in the foreseeable future.
The major stock indexes have reacted negatively to the news, with Wall Street extending losses on Wednesday. In the forex market, the USD has bounced up against its main rivals and especially against the risk-sensitive aussie.
Despite the recent correction, the FX analysis team at Credit Suisse sees the aussie extending its uptrend from late-September lows against the US dollar: “The correction in AUD/USD on Tuesday managed to hold above the uptrend from late September, currently at 0.7152, keeping the market in a rangebound environment. With daily MACD momentum also still pointing higher, we keep our bias for an eventual resumption of the core bull trend.”