December 1, 2023

The AUD in November 2023

The AUD in November AUD/USD returned to ‘normal’ levels of monthly volatility in November.

Take a closer look at the chart

The AUD in November

AUD/USD returned to ‘normal’ levels of monthly volatility in November, almost matching its monthly average range of 3.48 cents (3.58c in November) – and a little above its 10-year average in percentage terms. The low of 0.6318 came on the first day of the month, and the high of 0.6676 on November 29 was its best level since 1 August. The biggest single driver of the AUD recovery last month was broad-based US dollar slippage, much of this stemming from the mid-month US CPI release where the 0.1% downside surprise to the core (ex food and energy) measure instilled a higher degree of confidence that the Fed is done with the current tightening cycle, and that rate cuts starting in H1 2024 are now more likely. AUD/USD November gains were not just about the USD, the pair appreciated 4.23% versus the ~3% gains for the DXY USD index. Improved global risk sentiment – to which AUD is more sensitive than most G10 currencies – was part of the story. More significant was the sharp drop in USD/CNY, from above 7.30 at the start of the month to below 7.15, turning a prior AUD headwind into a tailwind. News of a planned relaxation of prior (3%) budget deficit/GDP limits, plus the publication of a ‘Whitelist’ of property developers eligible for financial support, also proved helpful. Earlier in the month, the RBA hiked the cash rate by 25bps to 4.35%, but on the day the softer than expected tightening bias weighed on the AUD. Comments from Governor Bullock later in the month were seen as more hawkish, providing small-scale support for the currency.

For further FX, Interest rate and Commodities information visit nab.com.au/nabfinancialmarkets. Read our NAB Markets Research disclaimer.

Accelerating diversity at NAB industry eventAccelerating diversity at NAB industry event

Accelerating diversity at NAB industry event

31 March 2025

NAB specialists and clients from across the bank’s Fund Sponsors, Strategic Investors and Alternative Assets (FSA) business gathered over lunch recently to share career stories and advice on promoting greater diversity and inclusion.

Accelerating diversity at NAB industry eventAccelerating diversity at NAB industry event
Inside the return of corporate hybrid issuanceInside the return of corporate hybrid issuance

Inside the return of corporate hybrid issuance

31 March 2025

Hybrid issuance is becoming an ever more relevant funding instrument and capital management tool for corporate issuers today, attracting strong investor demand, write Tabitha Chang and Stefan Visser from the NAB Capital Markets Origination team.

Inside the return of corporate hybrid issuanceInside the return of corporate hybrid issuance