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Free AccessA$ Can't Sustain +0.7000, RBA SoMP In Focus Today
Post the Asia close AUD/USD continued to push higher. The pair eventually got to the 0.7010/15 region, before we abruptly turned lower. We sit back at 0.6935 currently, still +0.10/0.15% for Thursday's session. The USD saw a broad rebound late in NY trade, which capped the A$ rally, as bond yields turned higher and equity sentiment softened. Major US indices finished close to 1% lower, while yields were +6/+7.5bps firmer across the board.
- Today the main focus in AU markets will be the RBA Statement on Monetary Policy. The updated forecasts will be a focus point, particularly in terms of the trimmed mean, which wasn't mentioned in Tuesday's RBA policy statement.
- RBA expectations shot higher post Tuesday's outcome, with futures for the July/August meetings now above ~4%. The has helped stabilize AU-US yield spreads, but we broadly remain within recent ranges.
- In the commodity space, sentiment was better for Thursday, the Bloomberg base metals index up 1.79%, while the aggregate index was close to flat. Iron ore recovered back to the $124/ton level.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.