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A$ Recovers Ground

AUD

AUD/USD is comfortably away from the lows for the session now, back to around 0.7030, which is around +0.10% above NY closing levels. The A$ is higher on a cross basis as well. AUD/JPY back towards 93.75/80, versus earlier lows sub 93.10.

  • Positive sentiment in the China equity space, particularly in the property sector, has aided the A$ turnaround. Media reports around a potential plan for state-backed firms to guarantee developers' bonds has been a positive. The NDRC has also vowed to keep the economy in a reasonable range, with a strong emphasis on investment growth.
  • Commodities are slightly firmer, with iron ore back above $107/tonne, while copper is +0.2% now for the session ($362 on CMX). Brent crude has also edged back above $94/bbl.
  • The RBA minutes came and went with little fanfare. Spreads are little changed, with the AU-US 2yr around -42bps at the moment.
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