Australian PM Morrison: National Cabinet agreed three-step plan to achieve COVID-safe economy by July

Dhwani Mehta FXStreet

National Cabinet agreed three-step plan to achieve COVID-safe economy by July, said Australian Prime Minister (PM) Scott Morrison in a news briefing on Friday.

Further comments

Today move ahead with re-opening economy.

Next step is to rebuild confidence in economy.

States must move at own pace.

Treasury estimates 850,000 jobs will be restored under plan.

To allow gatherings up to 10 people.

Retail and small cafes and restaurants reopening.

Step two will allow larger size gatherings up to 20 people.

Step three to allow gatherings up to 100 people.

Open to allowing international students in at some point.

Cannot see international travel in foreseeable future.

Seeing more and more support for independent inquiry in coronavirus outbreak.

Market reaction

The economic re-opening plan combined with renewed US-China trade optimism is keeping the upbeat tone intact around the aussie dollar, as AUD/USD keeps its range near multi-day tops of 0.6548. The bulls look to test the 0.66 handle.

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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