Moody’s: Australian states face rising budget pressure from soft economy, record spending programs

Global rating giant Moody’s recently crossed wires while spreading analysis of Australia economy. The rating major previous cut down Australian economic growth forecast for 2020 to 2.2%.

Key quotes

Australian states face rising budget pressure from soft economy, record spending programs.

FX implications

As the news joins the already prevailing risk aversion mood, mainly due to the phase one and Hong Kong headlines, AUD/USD keeps being in trouble while taking rounds to 0.6800 during early Thursday’s morning session in Asia.