From the FXWW Chatroom: Today we are seeing extremely high demand for AUD via the fwd and XCCY basis markets – led by AUD TN funding pressures. The last 24 hours is one of the largest ever moves in AUD FX-OIS and XCCY basis outside of quarter and year end turns. TN funding higher by +100bps. High funding costs in AUD – increases the cost of short AUD spot positions. Potentially leading to a higher AUD as the market unwinds short positioning’
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