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A$ Underperforms Broad USD Sell-Off

AUD

The A$ was under pressure early post the Asia close but found support around 0.6950 and rebounded back above 0.7050 late in NY. We track just below this level currently.

  • AUD has underperformed within the G10 FX space, only higher than SEK, NOK and CAD in the past 24 hours.
  • AUD fell against CHF on the SNB hike, while AUD/NZD is back below 1.1100, as AU's yield outperformance ran out of steam late yesterday.
  • Cross asset signals were mixed, equities a strong headwind in terms of A$ performance on crosses. US equities tanked on recession fears and disappointing data. The US VIX index rose back to 33%.
  • US yields fell sharply though, particularly late in the session, undermining broad USD performance. The US 2yr yield has fallen more than 30bps in the past 2 sessions. The AU-US 2yr spread has generally pushed higher this week, albeit around a volatile trend.
  • Commodities were lower, with base metals falling just over 2%, with copper threatening to break to fresh YTD lows (we closed at $410.80). Iron ore was also weaker, back to a $126 handle from above $130.
  • There are no data releases scheduled for today.
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