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Fundamental Forex Analysis

Health measures to contain coronavirus have come at considerable cost

Australian Treasurer Josh Frydenberg is out on the wires now, via Reuters, expressing his take on the country’s Q1 growth report.

Key quotes

“Health measures to contain coronavirus have come at considerable cost.”

“Q1 fall in consumption was largest in 34 years.”

“Seeing some encouraging signs across the economy as restrictions ease.”

“Economy has been remarkably resilient. “

“Not through crisis yet, difficult days ahead.”

“Q2 contraction will be lot more substantial.”

Market reaction 

AUD/USD extends the drop below 0.6950 despite a big beat on the Chinese Services PMI, as the Australian Q1 GDP contraction hurt the bulls’ sentiment. The aussie rallied hard to fresh five-month of 0.6983 on the narrative of a stronger economic rebound. 

 

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