The economy will "bounce back" quickly, with Australians having accumulated 250 billion AUD (183.2 billion USD) in savings during the COVID-19 pandemic, Australia's Treasurer Josh Frydenberg said in a press conference on Wednesday.
Additional takeaways
“Expect Australia's gross domestic product (GDP) to fall by three percent or more in the September quarter due to more than half the population being locked-down in Sydney, Melbourne and Canberra.”
“The sharp economic downturn put the cost of the strict restrictions at approximately two billion Australian dollars (1.4 billion US. dollars) per week.”
"We are seeing a light at the end of the tunnel as vaccination rates rise.”
"Vaccines are the cheapest form of economic stimulus available."
Market reaction
AUD/USD is little changed on the above comments, consolidating its Asian rebound below 0.7490.
At the press time, the currency pair is trading at 0.7481, adding 0.13% so far.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD regains 1.0700 as US Dollar stays on the back foot
EUR/USD is trading above 1.0700, as bulls keep the reins for the second consecutive day early Thursday. The major currency pair fails to justify looming economic fears and upbeat US Treasury bond yields amid a broadly weaker US Dollar. Final Eurozone Q1 GDP eyed.
GBP/USD bulls ignore mixed BoE clues to prod 1.2450 as June Fed rate hike appears elusive
GBP/USD buyers occupy driver’s seat around 1.2450, despite marking a slow run towards the north heading into Thursday’s London open. The Cable pair buyers cheer the receding odds of a Fed rate hike in June while early signals for the Bank of England’s (BoE) interest rate guide appear mixed.
Gold to maintain $1,930 support on mixed growth, Fed concerns
Gold seesaws around intraday high as it prints mild gains after falling the most in a week the previous day. Even so, the XAU/USD remains indecisive on a weekly basis as the markets struggle for clear directions amid the pre-Fed blackout and mixed feelings about global growth concerns.
Dogecoin price could rally 30% if DOGE history over the last six months is enough to go by
Dogecoin price has been trading within a fixed range over the last six months, taking seasonal leaps as volatility increased. With this accumulation pattern, the king of meme coins could be en route to complete the next bounce cycle.
Plenty of hawkishness to go around
/stock-market-graph-gm529236845-54345172_XtraSmall.jpg)
We haven’t seen a lot in the way of volatility and price action this week, but what we have seen is a clear message coming from many central banks. That message is one of hawkishness.