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Australian Treasurer Josh Frydenberg crosses wires, via SkyNews, during the early Thursday morning in the Asia-Pacific region. The diplomat defied calls of increase in the Goods and Services Tax (GST), currently at 10.00%.

Market implications

With the Australian tax system putting GST as the Value Added Tax (VAT), the news should have ideally helped the AUD/USD pair. However, no major reaction could be found as the quote takes around to 0.6915 as we write. The reason could be traced from the market’s wait for the Aussie trade balance as well as a lack of major data and fears of the coronavirus (COVID-19) outbreak in the US.