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AUSSIE 3-YEAR TECHS

(M1) Directional Triggers Intact

USDCAD TECHS

Approaching Major Support

US TSYS SUMMARY

Inflation Concerns Underpin Bear Steepening

AUDUSD TECHS

Bullish Theme

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  • Following the tap of the 0.25% Jul-31 gilt earlier in the day, the DMO will return to auction GBP2bn of the 0.875% Jan-46 gilt.
  • At the last tap of the 0.875% Jan-46 gilt on April 7, GBP2.0bn was sold at an average yield of 1.332%, bid-to-cover of 2.54x and a tail of 0.3bp.
  • The pressure on the long end of the gilt curve has appeared to stabilize in recent months following the sell off over January-February. However, with considerable progress made on vaccinations, lockdown restrictions gradually easing, and speculation about BoE tapering, the recent calm may prove fleeting.
  • TIMING: Results are due out shortly after the auction closes at 1130BST.