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AUSSIE 10-YEAR TECHS

(Z1) Off Lows, But Remains Weak

USDCAD TECHS

Still Vulnerable

AUDUSD TECHS

Bullish Price Sequence

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Futures steepened overnight, with the cheapening in U.S. Tsys helping the space to move lower, leaving YM -2.0 & XM -3.5 come the bell.

  • Continued headline flow surrounding the U.S.-UK-Australia military pact and the negative reaction from China and France continued to garner attention overnight, although there wasn't any notable spill over into the ACGB space.
  • On that note, late Thursday saw the AFR publish an article which read as follows: "A mining industry group backed by Rich Listers Andrew Forrest, Gina Rinehart and Chris Ellison fears China will respond to Australia's new defence pact with trade sanctions that could harm the mining sector. More than 400 companies are represented by the Association of Mining and Exploration Companies, and chief executive Warren Pearce said the federal government should put as much effort into trade relationships as it did into defence partnerships." A topic to watch in the coming weeks.
  • A$1.5bn of ACGB April '33 supply headlines the local docket on Friday, with the release of the weekly AOFM issuance slate also due.