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A$ Off Session Lows, Yield Spreads Edge Up From Recent Wides


AUD/USD is marginally off earlier session lows, with the pair last around 0.6275 (against lows close to 0.6260). Overall ranges for the session are less than 30pips though. The modest risk off tone evident earlier, has eased somewhat, as US equity futures are away from worst levels.

  • AU yields are higher, with the AU-US 2yr spread away from recent wides, last at -100bps. Spreads have also moved meaningfully higher against NZ. The AU-NZ 2yr government bond yield spread is now back to -101bps, roughly +20bps from earlier lows in the week. NZGBs are outperforming the weaker global fixed trend today (see this note for more details).
  • AUD/NZD is only marginally higher though, last at 1.1070/75, against recent lows near 1.1050.
  • Earlier, the Australian Treasury stated recent flood events in the country is likely to take 0.25ppts off GDP growth in Q4, and add 0.1ppts to inflation.
  • Looking ahead, the data calendar sees preliminary PMIs print next Monday, but the stronger focus will rest on Wednesday’s Q3 inflation outcome.

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