Front-end yields spreads are holding to their 2024 downtrend, the differential has favored the dollar and is now at the lowest since October
AGB-UST 2-year spread ticks at around -100bps, the last time U.S. yields held to this amount of premium the AUD/USD traded below 0.6400. Potentially, AUD/USD rallies could be met by offers
This week does not have any catalysts from the USD side to move the dial significantly, while the Australian calendar holds Q1 CPI
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