Elsewhere yesterday markets remained muted, with few movers of note. The Indian rupee made gains for the third consecutive day, with overseas investors adding to their holdings in the nation’s stocks and bonds. Another winner was the Australian dollar, which advanced after a measure of currency variance showed a 15 month low, adding to demand for higher yielding assets. Overnight, we heard from the Governor of the Reserve Bank of Australia (RBA) who tried to talk the dollar down as a strong Australian dollar has a negative impact on exports. However this will be difficult as it is fairly clear that they will not be reducing interest rates any time soon in Australia. Other data remains thin on the ground, with only the trade balance from New Zealand to interest investors in the currency further afield.
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