Australia Resource Minister King: Preparing notice of intent to activate domestic gas security mechanism
|“We are preparing to issue a notice of intent to determine whether to activate the domestic gas security mechanism,” said Australian Resource Minister Madeleine King.
In this regard, Reuters mentioned that Australia's competition watchdog urged the federal government on Monday to consider curbing gas exports, warning its east coast could face a major shortfall next year which would pose a substantial risk to the country's energy security.
On the same line, Goldman Sachs expects a 25% chance of a recession in Australia over the next 12 months.
The news should exert downside pressure on AUD/USD prices. However, softer US dollar and the market’s cautious mood ahead of Tuesday’s RBA, as well as Friday’s US NFP also seem to favor AUD/USD prices.
Also read: AUD/USD retreats towards 0.6950 on softer China Caixin Manufacturing PMI, US data, RBA eyed
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.