Australia’s disappointing Q3 GDP (0.6% vs. expectations for 0.7% and weak consumption) saw the Australian dollar surrender the remainder of the retail sales inspired gains that were not unwound in North America yesterday, notes the research team at BBH.
“The Aussie had tested the $0.7655 resistance area we cited, but back to $0.7600 in the North American afternoon yesterday. It sold off further, reaching almost $0.7570 before recovering in the European morning back toward $0.7600. Australian bonds rallied strongly, with the 10-year yield dropping 9 bp to 2.50%, and the two-year yield is off six basis points to 1.77%, to once again slip below US yields.”
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