Australian PM Morrison: Weekly covid fiscal relief of $500 per person

Early Thursday, Australia’s Prime Minister (PM) Scott Morrison announced fiscal relief for those who battle the coronavirus (COVID-19) related activity, mainly in Victoria.

The Oz nation’s leader initially mentioned that the “temporary covid disaster payment” will be delivered if the lockdown is greater than seven days.

Following are the few conditions to get the government relief:

• A total sum of up to $500 per week will be given to every person meeting the criteria.
• The recipient must have less than $10,000 in liquid assets.
• He/she can't be getting another form of pandemic or income support.

FX reaction…

AUD/USD pauses the downside around an intraday low of 0.7736 following the news announcement.

Read: AUD/USD Price Analysis: Inches closer to 0.7700 on Wednesday’s bearish Doji