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JGBS

Soft Cover At 40-Year Auction

AUSSIE BONDS

Continued Tick Lower

JGBS AUCTION

40-Year JGB Auction Results

EQUITIES

Hong Kong Bucks Broadly Negative Trend

US TSYS

Oil Adding Some Pressure

AUSSIE BONDS

Steepening Pressure Lingers

EURO-DOLLAR

Thursday saw a second rejection away from Wednesday's high of $1.1782, the rate touching a low of $1.1733 before it recovered through the 1600BST fix, the move extending through the NY afternoon to $1.1762, closing the day at $1.1760. China return and early focus was on the Cny fix which came in stronger than expected, which along with a stronger than forecast China Caixin Svcs PMI, US fiscal optimism supported risk and allowed rate to push up to $1.1781 before momentum faded and it drifted off to $1.1772 into Europe. Biden ahead in the polls also tending to apply some pressure on the USD. France IP provides domestic data interest, though not usually market moving. Focus remains on US election for USD strength. Resistance remains at the $1.1781/82 level, a break to expose $1.1800 ($1.1798-1.1800 55-dma-50-dma respectively), the area between $1.1790-1.1820 holding strikes of expiring options for today's NY cut for just over E3bln. Support $1.1770/65 ahead of $1.1733/25.