Daily Flows

• Several foreign A2 branches are today offering +55 for 3 month NCDs, setting the pace at the mid-point of the week.
  
• 5.34% remains the top 12 month TD rate today from a couple of A1 banks.
• We continue to see good activity in the semi-government FRN space, with healthy and widening margins for TCV paper in the 2031 maturity.

Aussie Dollar Continues Sell-Off Amidst Softer Commodity Prices

• The Aussie dollar continued its sell-off to start the week, down another 0.4% to 66.1 US cents – its longest string of losses for almost a year, now down 2.3% on its July peak.
  
• Softer commodity prices on market concern for China’s future demand has driven the pullback, with the USD also reclaiming lost ground on the DXY Index.
  
• Gold continues to add gains, sitting just below its all-time high of $2483 set last week, as the safe haven asset welcomed flows from investors adopting a risk-off tone amidst US political uncertainty.
  
• Locally, swaps are up across the curve with the 3 year setting the pace, up 5bps to start the day. 5 and 10 years added 4 and 3bps respectively.