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A$ The Weakest Link In G10


The A$ remains the weakest performer within the G10. AUD/USD has edged back to 0.6350, following another visit to the low 0.6340 region. We are still around 0.40% below closing levels from last week. AUD/NZD weakness has been noticeable, although remains more driven by A$ weakness, rather than NZD strength. We are now back to 1.1310, versus early session highs around 1.1375. AU yields are continuing to lag NZ yields today.

  • US equity futures remain in the red but remain away from worst levels (last around 3635 versus lows for the session of 3618).
  • Some offset for the AUD has come from higher copper and iron ore prices. China steel prices have also nudged up, in line with onshore property stocks doing better so far today (+2.35%). Still, iron ore at $96/tonne is unlikely to excite the market too much in terms of offsetting negative sentiment from the equity space.

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