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Credit Suisse notes that Australian real bond yields have held flat while US real yields fell sharply into negative territory, narrowing the real 10-year yield differential to -0.1% from -0.4% in late July. The shift favours the Australian dollar against the US dollar.
A narrower yield gap supporting the AUD makes Australian exports pricier for dollar buyers, a mild offset to commodity demand from the US.
macrobusiness.com.auHouses, HolesAug 30, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
