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A$ Slips From Highs, RBA Speech & Mins Don't Shift Sentiment Greatly


AUD/USD got close to 0.6315, a touch above overnight highs, before selling interest emerged. We have now settled back closer to 0.6295/00, just +0.10% firmer versus the NY close. The currency is benefiting from a firmer equity market backdrop though, with US futures up around 0.70-0.80% so far. The currency is outperforming most in the G10 space, although not by a large margin. The clear exception is NZD, the AUD/NZD cross got to a low of 1.1112, but is back around 1.1120 now.

  • The speech by RBA Deputy Governor Bullock and the RBA minutes haven't shifted the needle a great deal in terms of sentiment. AU-US government bond yield spreads remain around recent levels. The 2yr spread currently sit at -105bps, the 10yr at -2bps.
  • The domestic data calendar is quiet until tomorrow's Westpac leading index, followed by the NAB business survey and jobs data on Thursday.

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