Australian dollar is a seasonal winner in February

AUD/USD down

AUD/USD is down 0.27% to start February but it's one of the strongest seasonal months on the calendar for the pair.

ANZ looked at seasonal correlations dating back to 2000 and found AUD/USD averaged a 0.6% gain in February.

"Last year, despite the RBA cutting the cash rate by 25bps at their February meeting, the AUD still managed to appreciate by 0.6% in the month. However, the historical overall average percentage spot gain for the AUD is not large at 0.6%. This is because during years when the AUD goes against the seasonal pattern, the declines has tended to be very large - between 2% and 4.4%," ANZ writes.

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