The AUD was slaughtered again overnight selling off late in the session and dipping as low as 61.29 before fumbling along in the dark and closing at 61.47. There have been official rate cuts in Europe, the US and Britain to help the economic situation. The EU are starting to find themselves with nowhere to go.  With interest rates now  already at -0.5% further cuts will start to inhibit lending which will basically defeat the purpose of the rate cut.
The Yen is interesting isn’t it, one might expect that the Yen would also be hit given the reasoning behind the fall in other currencies. The analyst fail to mention C19 when discussing the Yen and concentrate on the safe haven attributes of the currency and the way Japanese punters are quick to repatriate currency away from risky investments like oil or emerging markets in such tumultuous times. The real shuffle may be as simple as borrow Euro buy Yen. Leaves one to wonder when the AUD becomes a bargain.

US grain futures saw corn and wheat stabilise somewhat while soybeans continued lower on the back of a big S.American crop and a lack of Chinese orders. The drought monitor map confirms the US is in very good shape leading into the spring and should only get better.

Drought conditions persist across N.Africa leaving little time for quickly maturing crops to recover and make yield. This area creates good demand for durum and hard wheat in their drought years.