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Reserve Bank of Australia (RBA) Assistant Governor Ellis is once again on the wires now, via Reuters, responding to the Q&A session after her speech titled “The Economic Outlook”.

Key quotes

Recovery will be little stronger due to extension of job support packages.

Employment will now not decline as much as forecast.

Still a pretty weak outlooks given Victoria’s virus restrictions.

Forecasts assume a vaccine will not be fully distributed next year.

Need to get hold of virus to get a strong economy, it’s not a trade off.

AUD/USD keeps the red

Having retreated from 1.5-year highs, AUD/USD holds the lower ground around 0.7225, as markets digest the RBA comments while weighing in the latest US-China tensions.

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