Early Tuesday morning in Asia, Sputnik came out with the news conveying the details of the Aussie PM Scott Morrison’s plan to combat China’s recent punitive measures.
Key quotes
Australia’s Prime Minister Scott Morrison has unveiled his “JobMaker” plan that is supposed to help the country’s economy get out of the “ICU”, return it to growth, and slash unemployment – which has reached almost 10%.
The plan is based on five principles, which include relying on Australia’s strong points, caring about its people and, among other things, free trade.
‘We will not retreat into the downward spiral of protectionism. To the contrary, we will continue to be part of global supply chains that can deliver the prosperity we rely on to create jobs, support incomes and build our businesses’, Morrison said.
FX implications
Given the lack of details on the news, the AUD/USD pair seems to ignore the fundamental catalysts that might have favored the quote. That said, the Aussie pair seesaws around 0.6540/45 by the press time. It should also be noted that the Aussie PM Morrison was also likely to announce the details of stepping back some of the aids to the domestic economy that was offered to combat the coronavirus (COVID-19). However, no specific time of the same is available except for the signals to witness the news in the Australian afternoon.
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