Aussie 10-year yield drops below its US counterpart, spread turns negative

10Y Aussie-US yield spread has turned negative.
Is USD/JPY a new global risk barometer

The yield on the Aussie 10-year government bond has dropped below its US counterpart, taking the spread down to -0.08 - the lowest level since 1998.

It essentially means the US dollar has replaced Aussie dollar as a high yielding or risk currency. So, it is safe to say that USD/JPY has replaced AUD/JPY as the new global risk barometer.

Yield differential

Feb 22, 2018

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