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AUD Steadies Ahead Of RBA ​​

AUD

AUD/USD found some support ahead of the 0.7000 region, we now sit closer to 0.7020 as we head into the RBA announcement. AUD/JPY has stabilized somewhat, with dips below 91.50 supported for now, although we aren't too far above this level at 91.78 currently. Equities remain in the red, but have moved away from worst levels for APAC markets, likewise for US futures. Higher AU-US 2yr spreads have also likely helped at the margin. AU 2yr is up 7bps, bringing the spread back to -34bps, which is still within recent ranges though. Commodities are generally lower across copper and crude, but iron ore is holding around recent levels ($114/tonne).

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