Monday 13th July 2020

Markets opted to take the positive news on Friday, sending shares higher and the US dollar lower. As NAB’s Ray Attrill explains, the good news was results of Remdesivir testing showing that the drug could reduce the mortality rate for those who contract COVID-19. The bad news was the number of infected people in the US continues to rise, with Florida recording its highest number so far on Sunday. China also provided mixed news – aggregate financing increased markedly in June, so more money is circulating in the economy. The bad news is that President Trump has no interest in a phase two trade deal anymore. So, what does all this mean for the direction of the Aussie dollar?