Goldman Sachs, no less. AUD: Space AUDity. Financial conditions have eased year-to-date, led lower by rising equity prices (Exhibit 3). Usually, AUD outperforms in this type of environment (Exhibit 4)—positive growth repricing typically benefits pro-cyclical currencies—but that typical strength has not materialized this year. Instead the currency has unexpectedly weakened versus the Dollar. We have
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