AUD/USD fighting to hold above 0.7222
AUD/USD briefly fell below last week’s low of 0.7222 but has now raised its head back above water as it’s bounced around by equity market sentiment.
On the ground, some restrictions were eased in Victoria but retail, hospitality, tourist and entertainment will be restricted until October 26. Offices will work from home until Nov 23.
Today’s NAB business conditions survey today fell to -6 from 0.
What struck me about last week was how well that AUD/USD held up. Yes, it fell 180 pips but given the run it’s had and the rout in equities, it could have been much worse. Now it’s fighting for 0.7222.