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FOREX: AUD fell to the bottom of the G10 pile after the release of RBA's SoMP,
which affirmed Gov Lowe's earlier statement that the risk to the outlook for
interest rates is now more balanced, with the central bank trimming its GDP
growth exp. across its forecast horizon (aggressively over the immediate term).
- Meanwhile, the broader commodity-tied FX space faced pressure from elsewhere,
as WTI extended yesterday's decline and sunk further below $53. NZD managed to
shake off initial weakness in the second part of the session, leaving AUD & CAD
in its wake. Worth noting that iron ore posted another impressive rally.
- JPY was relatively strong, as yesterday's risk aversion spilled over into
- Fed's Bullard noted that the current level of the Fed Funds rate as somewhat
restrictive, and in RTRS headlines pointed to a terminal Fed balance sheet that
is quite a bit larger than many expected. Bullard hopes that the Fed will make a
decision re: the final size of the balance sheet in the next couple of meetings.
- Focus today turns to French & Italian industrial outputs, Canadian labour mkt
data & remarks from Fed's Daly.