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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$ Struggles On Lower Front End Yields
AUD/USD is on the back foot. We are down close to 0.40% from NY closing levels. Sitting back at 0.6945, which is close to the overnight lows of 0.6935.
- Yield differentials continue to move against the AUD in the front end. The 2yr spread, down a further 10bps or so, to be back at -15bps. We were around +15bps early in yesterday's session, so a meaningful adjustment.
- The AU-US 2yr differential continues to struggle above 0bps.
- These moves followed Westpac's Bill Evans update, which stated beyond July there won't be any more 50bps hikes, whilst also forecasting the terminal rate will be 2.35%, which is well below current market pricing levels.
- Weaker US equity futures are also weighing at the margin, with AUD/JPY down more than 0.50% since the open to be back sub 94.70.
- AUD/NZD is still marginally higher though, holding above 1.1020 for now.
- Iron ore is also down a touch to sub $112/tonne.
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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.