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A$ Still Lagging G10 FX

AUD

AUD/USD is up from earlier lows sub 0.6910, but still remains 0.20% weaker for the session to date. The A$ and NZD are the only G10 currencies not up on day against the USD. The DXY is off by around 0.20%.

  • Moves have been fairly modest overall today but A$ underperformance has been evident. AUD/JPY remains around 0.50% weaker, albeit off earlier lows at 93.00 (last at 94.41).
  • AUD/NZD is also struggling for much upside, despite a +16bp move higher in the AU-NZ 2yr differential during today’s session.
  • The AU-US 2yr spread has also recovered from recent lows, back to -26bps from -33bps earlier. There didn't appear to be any significant news drivers of this turnaround in AU yields though.
  • Commodities are also supportive, although more so iron ore. We breached $120/tonne but have drifted back to $119. We are still 4.3% higher than Friday's close though.
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