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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.
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Free AccessA$ Recovers Ground On Crosses
The A$ has been the outperformer in the Asia session so far. AUD/USD is at 0.6960, around 0.50% above NY closing levels.
- AUD/JPY is up from the 93.00 level to 93.70. A 0.7% gain, following a cumulative 3.6% dip in the past 3 sessions. Higher equity futures for US markets (+1%) and BoJ's step up in bond operations the main catalysts for this cross. Asia Pacific equities remain weak but are off worse levels for the most part.
- Earlier, NAB business survey data painted a fairly resilient picture for the Australian economy. 16 on conditions, versus a revised 19 in April, while confidence fell to 6 from 10 last month. As a note the business conditions trough point was close to -40 in March 2020.
- For RBA watchers though, the wages component of the NAB survey slipped. The labor cost index measure fell from a high of 3.00 back to 2.55.
- AU yields have still spiked strongly. This is in line with the overnight trend, but the 2yr is up over 38bps to 3.08%. This has helped arrest the decline in AU-NZ yield spreads and in turn the AUD/NZD cross has stabilized. The AUD/NZD cross got close to 1.1100, but is now back at 1.1070. Support appears evident around the 1.1060 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.