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The Reserve Bank of Australia is crossing the wires and has said that they are to establish US dollar swap facilities with the Federal Reserve designed to help lessen strains in the global USD funding markets. 

Key notes

  • RBA says will establish a USD60 billion swap line to provide US dollars in exchange for Australian dollars.
  • Says us dollars to be made available to local market participants through RBA Repos.
  • Says swap arrangements designed to help lessen strains in global us dollar funding markets.

AUD/USD action

  • AUD/USD keeps gains despite PBOC’s surprise status quo rate decision