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GBP/AUD Nears Topside Resistance on US Yield Move

CROSS ASSET
  • GBP/USD plumbing a new pullback low, with the pair printing 1.2054 to coincide with broad yield-led USD strength as noted above. The 10y yield clears 4.7036% to touch new multi-decade highs as markets further bed-in higher-for-longer rates policy. There have been no fresh headlines or macro data to trigger the yield move, with JOLTS labour market data next at 1500BST/1000ET.
  • AUD remains among the hardest hit, evident in GBP/AUD strength today that puts the cross toward the 100-dma of 1.9172.
  • In currency futures space, GBP, EUR volumes are inline with average for this time of day, however JPY futures are seeing subpar activity despite the pressure on USD/JPY spot to inch toward Y150. JPY futures volumes sit ~15% below what you'd expect to see at this time of day.
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