Japan Flows Point To Lower AUDNZD
Two batches of official portfolio data arrived overnight, shedding fresh light on how BoJ easing is affecting Japanese investor behaviour overseas. Highly-granular flow data for April shows that Japanese real money investors snapped up French, Dutch and Belgian bonds in the immediate aftermath of BoJ easing on April 4th. Surprisingly, US holdings were trimmed further despite the start of the new fiscal year.
Read the full report: UBS