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Australian dollar's strength continues to haunt Glenn Stevens
The trade that haunted central banker Glenn Stevens's quest for a weaker Aussie for four years is back after about three months of respite. Australia's 10-year yield climbed 24 basis points to 2.92 per cent in the two days since the Reserve Bank cut interest rates to an unprecedented 2 per cent and said the country needs a weaker currency. That sent the premium over similar Treasuries to 72 basis points, more than double the 14-year low reached in March. Bonds worldwide have tumbled this week, driving up yields that had reached record lows amid central bank bond purchases in Europe and Japan. The RBA's bullishness on ... (full story)
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