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Australian Prime Minister (PM) Scott Morrison said on Tuesday, confidence in the economy is returning, as the nation is re-opening from its coronavirus imposed second lockdown.

Key quotes

“We cannot allow the lifeline (cash support) to hold Australia back.” 

“Confidence is returning, Australia is re-opening. “

His comments come after Australia’s NAB Business Confidence Index jumped to 5.0 in October vs. -4.0 booked in September.

Market reaction

The aussie consolidates the downside below 0.7300, as the US dollar remains more favored after the covid vaccine news eased the urgent need for more stimulus and boosted the Treasury yields across the curve.

At the press time, AUD/USD drops 0.16% on a daily basis to trade at 0.7275.

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