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Fundamental Forex Analysis

Australia recorded its largest ever drop in overseas travel in March – ABS

According to the latest data published by the Australian Bureau of Statistics (ABS) on Tuesday, Australia recorded its largest-ever drop in overseas travel in March due to the coronavirus outbreak induced travel ban and lockdown.

Additional details

“Visitor arrivals falling 60% in March 2020 compared to a year earlier.

These large decreases reflect the travel restriction progressively put in place by the Australian Government from the beginning of February due to the outbreak of COVID-19.”

Market reaction 

AUD/USD is consolidating the sharp drop to 0.6432 lows amid intensifying Australian-China trade tensions and downbeat regional macro news. The spot now trades at 0.6440, down 0.70% so far. 

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