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FOREX: The Antipodeans defied an earlier spell of weakness and topped the G10
pile eventually. The Aussie took the lead as it appreciated around the release
of minutes from the most recent RBA policy meeting. Although there was little in
the way of immediate reaction, as the document revealed little new, BBG sources
pointed to some AUD demand from Australian exporters seeking to hedge their
positions after the central bank highlighted a better growth outlook. Resulting
flows were said to have prompted leveraged funds to engage in short covering.
- This allowed the Aussie to shake off its earlier fragility, noted as APRA
released a strengthened prudential standard aimed at limiting contagion risk
within banking groups, with ANZ noting that they may have limited capacity to
inject capital into its NZ entity. AUD/JPY probed the water below Y72.00 on
these headlines. Meanwhile, NZD tracked its Antipodean cousin on both swings.
- USD underperformed G10 its peers, DXY pulled back from yesterday's highs.
- That being said, price action of G10 crosses was rather limited.
- Today's economic calendar features German PPI and Canadian m'fing sales. Fed's
Daly and Quarles, as well as Riksbank's Jochnick are set to speak.