Phin Ziebell joins Ray Attrill, Head of FX Strategy and Jarryd Freeman, Director Financial Markets for this week’s podcast. Ray describes May as having been an extremely low volatility month for AUD/USD (in fact the narrowest monthly range since November 2019). Notwithstanding that NAB’s Fair Value Models and related commodity price strength suggest the AUD should have been much higher, Ray notes that May has traditionally been a weak month for the AUD (and June a stronger one). Phin asks Ray about the recent strengthening in the Yuan, which headed below 6.40 against the USD, and the implications for the AUD/CNH cross, as well as upcoming FX event risk. Jarryd Freeman then joins Phin and discusses client themes and categorises them as markets and non-markets ones. Jarryd describes key exporter and importer issues and considerations, including possible flexible hedging options for clients.