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AUDJPY: Intraday Analysis & Pattern in Play

The two risk sensitive currencies have been struggling of late as escalating tensions in the Middle East has led investors to safe-haven assets such as gold and U.S. dollar.Lenny Jin, global FX Strategist at HSBC, believes a sustained recovery remains off the table for the Australian dollar, despite the recent hawkish messaging on rates from the reserve bank.

“A faster monetary policy transmission in Australia versus the U.S. combined with minimal rate cut expectations for the RBA over 2024-2025 mean that we still expect relative rates to move against the AUD over the next few quarters.” Australian bonds heaved a sigh of relief as U.S. benchmark Treasury yields  pulled back from the critical 5%. Ten-year government bond yields AU10Y fell 5 basis points to 4.742%, after hitting 4.801%, a fresh high since 2011. Three-year yields (AU3YT=RR) also eased 4 bps to 4.184%.

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