Australian PM Morrison: Budget will be delayed to October

Dhwani Mehta FXStreet

At a regular news briefing on Friday, Australia’s Prime Minister (PM) Morrison announced that the budget will be delayed to October.

Further comments

Taking decisions on the basis that coronavirus will last at least six months.

Will not hand down budget until October.

States and territories working to similar timetables.

Idea that you can put together forecast around economy at this time is not sensible.

Reconsider the need for unnecessary travel in school holidays.

In national interest for schools to remain open.

To restrict travel into remote indigenous communities.

AUD/USD reaction

The AUD/USD pair consolidates the sharp rise above the 0.59 handle, as the bulls take a breather amid RBA’s liquidity funding, Fed balance sheet expansion and rebound in oil prices.

The spot, currently, trades at 0.5840, having hit a daily high of 0.5911 while maintaining the recovery from 0.5665 low.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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