The A$ has plunged following the RBA's dovish hike, +25bps, versus +50bps expected (and close to fully priced). We dipped near to 0.6450 before stabilizing, versus 0.6510 prior to the announcement. The pair was last at 0.6480/85, so unwinding nearly half the fall. The currency is though, not surprisingly, underperforming against the rest of G10 FX. The move has dragged NZD lower as well, although the cross is still down (last 1.1370, we were at 1.1415/20 prior).
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