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Futures Shrug Off Uninspiring ACGB Auction

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Fix Eyed

FOREX
FOREX: Westpac note that "amid the US-China trade war, AUD is in the middle of
the G10 pack over the week, flat vs USD. It may be that the trade war risk
premium on AUD is being trimmed. After all, Australian export volumes might
actually benefit if e.g. China's tariffs on US LNG see switching to Australian
supply and especially if China delivers on plans to boost infrastructure
spending to help offset any US-driven damage to the export sector. Australia's
export price basket is holding near 6 month highs, underpinning AUD fair value.
At 0.72, AUD/USD does look cheap relative to median fair value at 0.75. The same
goes for NZD/USD with fair value at 0.69."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com