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AUSTRALIA: On the pension flow front, ANZ recently noted that "some of these
withdrawals will be funded through the selling of offshore assets. We looked at
whether historic flows of this size have a significant impact on the performance
of the AUD. We did not find enough evidence of a significant shift in, either
the performance of the AUD or its relationship to its typical drivers to
conclude that this flow was going to be an important or sustained driver of the
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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