The AUD’s energy price boost
• Oil spike. OPEC+ production cuts has seen oil prices lift. Oil sensitive currencies like the AUD, CAD, and NOK have outperformed.• USD lower. A weak US ISM manufacturing survey reinforced recession worries. US bond yields reversed course and this weighed on the USD.• AUD lift off. The terms of trade boost from higher energy prices has supported the AUD. RBA meets today. It is a close call, but we think the RBA will pause. A somewhat volatile start to the week for financial markets as investors digested the surprise weekend news that OPEC+ was cutting back oil production and...