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A$ Attempting Break Above 0.7000, Recovers Some Ground On Crosses

AUD

AUD/USD has probed above 0.7000 but hasn't been able to make a meaningful break above this level yet. We have recovered some ground on crosses though, most notably against JPY. AUD/JPY is up around +0.30% for the session so far, but has seen some selling interest above 94.20 (the pair was 94.14 last). Equities are providing a positive risk-on signal for the AUD, although gains are more concentrated in the tech space. AU yields are sharply lower, the 2yr off by around 17bps. Whilst this is in line with the offshore tone from the overnight session, this is driving the AU-US 2yr spread lower, which is back to -46bps, not too far from yesterday's lows of -50bps.

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AUD/USD has probed above 0.7000 but hasn't been able to make a meaningful break above this level yet. We have recovered some ground on crosses though, most notably against JPY. AUD/JPY is up around +0.30% for the session so far, but has seen some selling interest above 94.20 (the pair was 94.14 last). Equities are providing a positive risk-on signal for the AUD, although gains are more concentrated in the tech space. AU yields are sharply lower, the 2yr off by around 17bps. Whilst this is in line with the offshore tone from the overnight session, this is driving the AU-US 2yr spread lower, which is back to -46bps, not too far from yesterday's lows of -50bps.