AUD Remains at the Bottom-end of the G10 Table

AUD remains the marginal underperformer in early Monday NY hours, with the currency slipping alongside the weaker greenback in developed market FX.

Volumes remain thin, with activity well below average for this time of day, leaving markets largely non-committal.

Markets marginally added to the AUD net short position in the most recent week of CFTC CoT data, with the net short now at 1.4% of open interest (still well below the 52w low).

Focus turns to upcoming RBA minutes, at which markets will see the minutes of the meeting at which the bank expanded the term funding facility, underpinning the equivalent of $120bln of easing.