Australia re: Worldwide recession

Apr 5, 2020

AUD/USD will continue to trend lower in coming weeks because the global economy is in a deepening recession, says CBA. The bank now expects the global economy will contract by 2.6% in 2020. The greater the increase globally in unemployment, bank funding costs and bank bad debts, the longer and deeper the recession will be, the bank adds. CBA expects moves in AUD this week to be dominated by offshore trading as a function of broader USD moves