Prime Minister Scott Morrison says that Australia’s COVID Coordination Commission will be re-geared into an advisory board for the Job-Maker plan. Under the re-brand of the commission, which was initially established to help manage resources during the initial phases of the pandemic, the agency will work internally within the Federal Government. The prime minister said the commission would provide him with advice on how to create more jobs as the nation looks to battle a recession.

Mr.Morrison said that “This is about ensuring that we continue to listen and get the best advice that experience is drawn and expertise that there is,””We are still very much in the midst of it. We are still have much in the fight of it, against this pandemic the impact it is having, but we also have a very strong plan to see us recover strongly on the other side.”

Mr. Christopher Kent RBA Assistant Governor says in his speech that “Monetary, fiscal, prudential and health policies contributed to a noticeable improvement in market sentiment and accommodative financial conditions. Among other things, we clearly see the effect of that is the ability of firms to gain access to a wide range of funding, at low rates, including in fixed income markets.”

US is losing its control on the virus spread. More than 1,000 Americans have died each day between Tuesday and Friday, the worst tally of human loss since May. The number of patients hospitalized with COVID-19 has roughly doubled over the past month with the worst being seen in states such as California, Florida, Texas, and Arizona.US hospitals treated 59,670 people on Friday, just shy of the mid-April record of 59,940, according to the COVID Tracking Project.

AUD/USD 4 Hour Chart:

Support: 0.7071 (S1), 0.7036 (S2), 0.7009 (S3).

Resistance: 0.7132 (R1), 0.7159 (R2), 0.7194 (R3).

The confidence gets build-ed among the investors by Mr.Christoper and Mr.Morrison’s words for Aussie whereas US lacks to defeat Aussie power due to rising cases of the virus. We expect a bullish trend for AUD/USD.