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AUD/USD Dip Supported Ahead Of Wages Data

AUD

AUD/USD was drifting a little lower in early trade but has edged up to unchanged ahead of the Q2 wages print. We were last above 0.7020, although overall ranges remain quite tight. Cross asset signals are mixed at this stage, with US equity futures down slightly at this stage. Onshore AU yields are higher in line with offshore moves. The 2yr and 10yr are both up by 5-6bps at this stage. The AU-US 2yr spread is still down though on onshore closing levels in Australia yesterday, (-49bps now versus around -45bps late yesterday). On crosses, the A$ is tracking in line with NZD at this stage. AUD/JPY is slightly lower, last at 94.20, but found support in the low 94.00 region earlier.

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