{"id":96487,"date":"2020-02-24T10:16:55","date_gmt":"2020-02-24T15:16:55","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=96487"},"modified":"2020-02-24T10:17:47","modified_gmt":"2020-02-24T15:17:47","slug":"102482-aud-usd-plunges-new-decade-depths-over-covid-19","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102482-aud-usd-plunges-new-decade-depths-over-covid-19\/","title":{"rendered":"AUD\/USD: Plunges New Decade Depths over COVID-19"},"content":{"rendered":"

The Australian dollar<\/a> was lower against the US dollar<\/a> on Monday with Australia seen as one of the economies most at risk from a China-induced global pandemic from the COVID-19 coronavirus. The US dollar mostly gained in a flight to quality but the shock contraction in the United States service sector has put its haven status on notice.<\/p>\n

AUD\/USD<\/a> was lower by 19 pips (-0.28%) to 0.6609 with a daily price range of 0.659 to 0.663 as of 3pm GMT. The currency pair slipped to new 11-year lows in early trading but got a lift when there was no follow-through back above the 0.66 level.<\/p>\n

The AUD down amid calls for RBA to cut interest rates<\/h2>\n

The dollar has gained +1.5% versus the Aussie in the last two weeks and is up 5.9% year-to-date. The Aussie has been pressured by increasing calls for the Reserve Bank of Australia (RBA) to cut interest rates on fears the Australian economy is faltering thanks to the long seasonal bushfires and the COVID-19 outbreak. The curbs to tourism from China and the impact that has on surrounding countries like Australia took another hit from the news that China will postpone in annual National People\u2019s Congress (NPC) meeting.<\/p>\n

A sudden rise in the number of cases in South Korea impelled Australia to raise its travel advisory to South Korea and Japan. South Korea cases of the coronavirus now total 833. In mainland China there is now a total of 77,150 infected with 2592 deaths as a result.<\/p>\n

The USD high after US Treasury comments on US-China trade<\/h2>\n

The US dollar benefitted slightly after US Treasury Mnuchin said at the G20 there is no material impact from coronavirus on the US China trade deal for now. Even if the trade deal remains unaffected, business activity has already taken a hit and markets are pricing in a lower growth, low inflation environment.<\/p>\n

US 10-year Treasury yields fell below 1.4% prompting Warren Buffet to say it doesn\u2019t make sense to lend to the US government at that rate of return. Bernie Sanders winning the Nevada Democratic Party caucus, keeping his frontrunner position to be the party\u2019s candidate for the Presidency may be adding to the negativity in markets.<\/p>\n

\n

Currencylive.com<\/em> is a news site only and not a currency trading platform.<\/em><\/h6>\n
Currencylive.com is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

The Australian dollar was lower against the US dollar on Monday with Australia seen as one of the economies most at risk from a China-induced global pandemic from the COVID-19 coronavirus. The US dollar mostly gained in a flight to quality but the shock contraction in the United States service sector has put its haven […]<\/p>\n","protected":false},"author":163946604,"featured_media":3625,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1547,1381],"tags":[2389,2059,2335,2388,2387],"class_list":{"0":"post-96487","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-aud","8":"category-usd","9":"tag-bernie-sanders","10":"tag-bushfires","11":"tag-covid-19","12":"tag-mnuchin","13":"tag-national-peoples-congress"},"acf":[],"yoast_head":"\nAUD\/USD: Plunges New Decade Depths over COVID-19 - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/102482-aud-usd-plunges-new-decade-depths-over-covid-19\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fabio Beccari\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102482-aud-usd-plunges-new-decade-depths-over-covid-19\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102482-aud-usd-plunges-new-decade-depths-over-covid-19\\\/\"},\"author\":{\"name\":\"Fabio Beccari\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/33f0a0ab3cf382315be5bcec964c06cb\"},\"headline\":\"AUD\\\/USD: Plunges New Decade Depths over COVID-19\",\"datePublished\":\"2020-02-24T15:16:55+00:00\",\"dateModified\":\"2020-02-24T15:17:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102482-aud-usd-plunges-new-decade-depths-over-covid-19\\\/\"},\"wordCount\":617,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102482-aud-usd-plunges-new-decade-depths-over-covid-19\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100056-aud-gbp-down-china-credit.jpg\",\"keywords\":[\"Bernie Sanders\",\"bushfires\",\"covid-19\",\"Mnuchin\",\"National People\u2019s Congress\"],\"articleSection\":[\"AUD\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102482-aud-usd-plunges-new-decade-depths-over-covid-19\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102482-aud-usd-plunges-new-decade-depths-over-covid-19\\\/\",\"name\":\"AUD\\\/USD: Plunges New Decade Depths over COVID-19 - 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