Hopes of stimulation fade
Leaked comments from Pelosi’s interview with his Democratic caucus have led the market to conclude that a stimulus deal is not forthcoming. The result is a horrendous 1.65% drop in the S&P 500 that spills over into commodity currencies.
AUD / USD is at daily low, down 17 pips to 0.7063. Technically, this threatens the lows of last week. A failure could bring it down to 0.7000.