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AUD/USD Maintains Tight Ranges, AUD/NZD Testing 50-day MA

AUD

AUD/USD has had close to a 20pip range today. Moves sub 0.6920 have been supported, but we haven't been able to get much beyond 0.6935. AUD/NZD has seen a further move higher, getting to 1.1020.

  • At the face of it, A$ performance today looks fairly resilient relative to the decline in onshore bond yields. The AU-NZ spread has moved lower by close to 10bps at the front end.
  • However, this has been influenced by the AOFM decision to shelf 20yr supply plans for ACGBs, which left bonds 3-5.5bps richer across the curve.
  • Indeed, the AU-NZ 2yr swap spread is unchanged on the day.
  • The AUD/NZD cross is now testing 50-day MA at 1.1014.
  • Elsewhere, cross asset signals have been less supportive in equities, but we are away from worst levels on the day. AUD/JPY dips sub have been supported and we last traded at 93.80, little changed for the session.
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