Australian PM Morrison says cost of new coronavirus outbreak to the economy will be circa $7-$9b in Q3

Author: Eamonn Sheridan | Category: News

Estimates of the cost of the Victorian stage 4 restrictions cited by the PM are those via Treasury

  • unemployment likely to hit 10%
  • effective unemployment rate expected to get up close to 14% (in the high 13s)
The Australian dollar is down just a few tics. 

Pardon the cynicism but its unusual to see the currency react at all to bad news on the economic impact of the unfolding disaster. What's taken it so long? I did see yesterday analysis via WPAC that with Australian's now not travelling overseas (due to restrictions on doing so) there is a large amount of AUD not being sold for foreign currencies, and this is supportive of the AUD. Makes sense. 

AUD has traded up a little earlier, there was ASD selling (small) almost across the FX board.

aud 06 August 2020
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