As a result of the rising tension and latest development in the US-China war which is spurring caution among the Bulls for AUD/USD, the pairing is observed to be in an upside consolidation phase below 0.7150. On a related note, the Aussie government has given the below forecast for the year 2020/2021:
- Jobless rate of 8.75%
- Budget deficit of A$184.5Bln.
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