Last week was a roller coaster ride from a fundamental perspective, with Monday feeling the hangover from Friday’s deep correction, where the pair fell from the 2019 Feb high of 0.7229 to 0.7143, before falling to 0.7075. Tuesday brought its own waves, with the day initially starting as a mild recovery for the pair ticking at around 0.71 – 0.72, with the DXY finally stabilising at around 93.50. This temporary halting USD’s recovery is likely due to conflicting attitudes from an upbeat ISM manufacturing PMI and a dovish outlook from Fed policymakers. The afternoon brought out what everyone was waiting for with RBA holding rates at 0.25% which surprised none, furthermore RBA failed to offer anything new in their statement including initially helped the pair push a bit higher to 0.715 before falling back to 0.712 by the end of the day. Wednesay saw both US and Victoria managing to stabilize their COVID figures alongside snapping the two day losing streak, likely caused by the failure of US policy makers to deliver on the much anticipated stimulus and upbeat data from Australia attracted pulls to the pair, slowly moving towards 0.72. Thursday saw the continued testing of 0.72 finish at 0.719, with everyone waiting for Friday’s ADP. Early Friday saw the pair trading trading in a tight range around 0.72 as RBA’s somewhat negative SoMP, which forecasted unemployment up to 10% this exerting bearish pressure was drowned by China’s July export growth of 10.4% vs predicted 2.3% was a big attraction for AUD bulls. However, NFP rising by 1.73million better than the predicted 1.6 coupled with a 1.2% drop in US unemployment rate saw that by the end of day the pair were down 0.99% back to 0.7161.