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A$ Gives Back Some Of Yesterday's Gains

AUD

AUD/USD has dipped back below 0.6600 giving back some of yesterdays near 3% gain. We are off by -0.30-0.40% so far in today's session. This is line with trends in the rest of the G10, with USD/JPY up +0.60% from NY closing levels.

  • Support may be evident around the 0.6550 level, if we see further downside, which was the low post the US CPI induce bounce in NY trading. This also coincides with a Nov 8 high. The recent high in the pair comes in just above 0.6630.
  • Cross asset signals are positive from a regional equity standpoint, and slightly higher US futures.
  • Australian government bond yields are lower, but not matching US moves, which has pushed yield spreads back in AU's favor. The AU-US 2yr spread was last around-130bps, versus recent lows around -140bps.
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