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A$ Edges Down From Session Highs, As GDP Prints Slightly Weaker

AUD

AUD/USD is edging away from session highs, post the Q3 GDP miss. The pair was last close to 0.6695, still +0.10% for the session, but down from session highs just above 0.6700. The simple 100 day MA comes in at 0.6683.

  • The currency is mostly outperforming the rest of the G10 base, while the AUD/NZD cross holds close to 1.0600.
  • Q3 GDP printed at 0.6% q/q (0.7% expected), 5.9% y/y (6.3% expected), while the y/y pace was nudged down to 3.2% for Q2 (from 3.6%).
  • Yield spreads are edging against the A$. The 2yr AU-US spread is back around -132bps, we were closer to -130bps heading into yesterday's close. Note pre-RBA levels were around -140bps yestedray.
  • Signals in the equity space are mixed, with US futures higher, but most regional markets weaker.
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