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Australia Delays Decision on Lockdown Restrictions

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On Sunday, an expected announcement of the easing of lockdown restrictions due to an outbreak in Melbourne was delayed, prompting warnings that residents were at a “financial and mental breaking point.” 

Most retail businesses have been limited due to the restrictions and an announcement was expected by 5 million people living under stay-at-home orders on Sunday.  

State premier Daniel Andrews told a media conference the outbreak in Melbourne’s northern suburbs threatened to push the reopening date of retail and hospitality businesses closer to Nov. 1. 

Andrews said he decided to wait until test results showed whether all infections in the latest outbreak were linked.  

“We will get (the test results) today and tomorrow and hopefully we are able to make, not only announcements but to take the big steps safely around the middle of this week,” Andrews said. 

“I know everyone will be disappointed we’re not making that move today. I am too.” 

Andrews has been receiving pressure from the government and industry leaders to reopen the city and the state. 

“We cannot on like this,” Business Council of Australia chief executive Jennifer Westacott said in a statement, “Victorians cannot hang on week to week. People are at a financial and mental breaking point.” 

Health Minister Greg Hunt said Victoria was ready to ease restrictions, describing any delay as “deeply concerning” because of the mental health harm caused by the lockdown. 

“On the balance of evidence and risk, Victoria is in a sufficiently strong place to replicate that which has occurred in New South Wales (NSW),” Hunt told reporters, referring to the country’s largest state, which has reopened its economy. 

The NSW that hosted the largest rugby game with 40,000 attendees found seven new COVID-19 cases in the previous 24 hours. In Victoria, six cases were found which were linked to the northern suburbs outbreak in Melbourne, which involved 39 infected people across 11 households. 

Australia has recorded nearly 27,500 infections and more than 900 deaths, a fraction of those in some other countries. Victoria accounts for over 90% of lives lost to the virus.  

TECHNICAL OUTLOOK  

In the daily charts of AUD/USD, the pair edged lower early Monday morning in Sydney session. 

The slight dip in the Aussie dollar came despite early support after the announcement of a $6.6 billion all-cash takeover bid from Coca-Cola, European Partners for local bottler Coca-Cola Amatil. 

As we can see in the daily charts of the pair, the pair is still trading inside the plotted support and resistance level. Further volatility of the pair will be declared by the week with the U.S. dollars performance. For now, there is an uncertainty in the market due to the upcoming U.S. presidential elections and the possible weakening of a dollar will be a gain for the Aussie bulls. 

 

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