AUD battered & bruised
• Stronger USD. Softer data out of China & higher US bond yields on the back of a lift in oil has supported the USD. The JPY, AUD, & NZD hit fresh 2023 lows.• AUD underperformance. The AUD has weakened. As expected the RBA kept rates on hold, though it retained its mild conditional tightening bias.• Relative expectations. We think a lot of positives are factored into the USD & negative AUD sentiment is high. AU Q2 GDP & US services ISM released today. The USD has strengthened over the past 24hrs. Softer than expected second tier China Caixin Services...