New Zealand bonds moved sharply higher, pushing short term yields 6 to 7 basis points lower, while yields in the longer-end of the curve fell eight basis points
That is the Aussie's lowest level since July 12, 2020, despite commodity prices that remain near multi-year highs, and is far from the currency's February high of $0.80
The Australian dollar, a liquid proxy for risk, was 0.02% lower at $0.7586, after hitting a near six-month trough of $0.7478 earlier this month. It has support at about $0.7566.
But they also noted they do not expect a sustained dollar either, noting that other central banks will need to consider policy normalisation as their economies recover from depressed levels.