AUD/USD: Coronavirus leading to fresh falls
AUD/USD surged over 10% from the bottom but still trades below levels seen earlier this month. Top-tier figures from the US, China, and Australia are set to trigger action as the first quarter draws to an end, FXStreet’s analyst Yohay Elam briefs.
“Australian Official Purchasing Managers' Indexes are of high interest on Tuesday, with the services sector set to struggle more, as in other places in the world.”
“Australian PMIs are released throughout the week and are also set to decline. They provide better guidance that relatively stale figures such as retail sales and building permits that predate the crisis.”
“Friday's Non-Farm Payrolls may trigger an epic move on the charts. A considerable loss of positions is on the cards, but the scale is hard to forecast.”
“ISM's PMIs are also of interest. The manufacturing sector will likely suffer a softer blow, but the services one – due out after the NFP – could plunge.”