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AUD/USD takes a nose dive

October 7, 2020 by Mario Soto

The Aussie couldn’t hang on to any support as it plunged down towards 0.7100 making it its biggest loss in 2 weeks. Last nights budget mentioned $213.7 billions AUD deficit to be expected amid an election influenced budget with the Federal Budget offering severe tax cuts. In other news. In typical Trump style the US President taking to Twitter to announce that House Speaker Nancy Pelosi is not negotiating in “good faith” and like taking a lollipop from a baby, he rips away the stimulus negotiations till after the election. Well, this sent the market into the red with indexes plummeting as traders turned to the dollar safe haven. #Trump #stimulusnegotiations #AUDUSD #AustralianFederalBudget #Taxcuts Announcement for today

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