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Free AccessA$ Regains Poise On Equity Bounce
AUD/USD ended last week on a better note. We pushed close to 0.6960 post the Asia close on Friday, before edging back down to 0.6945. We track close to this level in early trade today.
- Better equity market sentiment was the main driver of the A$ rebound. US equities surged (+3%), while the VIX index dipped to the low 27% region.
- Equity sentiment was aided by lower consumer inflation expectations in the US.
- US yields were still higher though, the 2yr up nearly 5bps to 3.06%. Recall last week the AU-US yield differential fell sharply, ended last week at -32bp for the 2yr tenor.
- We could see some stabilization today, although RBA Governor Lowe reiterated the central bank's stance late on Friday that 25 or 50bps hikes were likely.
- He also spoke of the resilience of the economy and is not expecting a recession, but recognized the path to lower inflation is a narrow one.
- Commodities edged slightly higher on Friday according to the Bloomberg commodity index (+0.33%). Base metals were still down though (-2.6%). Iron ore was firmer, back up to a $117/tonne handle.
- The data calendar is quiet today.
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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.