The A$ is modestly underperforming in early trade today. AUD/USD got towards 0.6955 before stabilizing somewhat. AUD/JPY dipped as far as 92.25 but we are now back at 92.50. Overall moves are modest but a continuation of late NY moves (AUD/USD off by 0.2% so far).
- Equity sentiment is positive for the most part in the Asia Pac region, while US futures are a touch higher (0.05-0.10%). The AU-US 2yr spread is around -40bps, up from recent lows, but still below Tuesday's high of -35bps.