“There’s nothing to suggest that it’s sinister just yet, we expect these things to be high as we get to quarter-end as the historical pattern shows,” said Tamar Hamlyn, portfolio manager at fixed income boutique Ardea.
“There is a global dimension to this starting with the US,” said Nomura rates strategist Andrew Ticehurst, who observes that multinationals outside the US are holding fewer US dollars.
Except the right one. BBSW is at new highs with the bank profits pincer tightening and the AFR is desperate for an excuse:
