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Market Fading Upticks

AUDNZD

The market bias appears skewed towards fading AUD/NZD upticks, albeit within fairly narrow ranges. Overnight we couldn't get beyond the 1.1120 level, while subsequent moves above 1.1100 were faded by the market. The pair currently sits around 1.1085, as we haven't been able to breach yesterday's lows close to 1.1070. NZD, along with GBP, is the strongest performer within the G10 space so far today.

  • Yield momentum is still skewed in NZD's favor. The AU-NZ 2yr swap spread is now at -126bps, versus yesterday's close of -119bps. It's a similar story in the government bond yield space.

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