ForexLive Asia FX news wrap: USD a touch weaker early, then retraces

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading Thursday 6 August 2020 

We saw some early small flows into currencies out of the USD despite mixed news out of Washington on economic relief legislation negotiations. Trump has indicated he will take executive action (no details provided) on unemployment and eviction relief on Friday if Congress fail to reach agreement by then.

US infectious diseases expert Fauci was in the news, saying there will be a vaccine by year end and into Q1 of 2021; if he is correct that is encouraging news. He did say also though that large scale dosing (in the billions) is much further out. 

As mentioned, currencies traded a touch higher against the dollar early. AUD/USD, for example added 20 points. PM Morrison outlined Treasury forecasts of a big hit to GDP and employment due to the stage 4 lock downs in Australia's 2nd largest city and state, Melbourne in Victoria, which saw the currency fall back to its lows. NZD/USD has been weaker.

AUD up early then gave it all back:

aud wrap 06 August 2020

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