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EURGBP TECHS

Key S/T Resistance Exposed

GBPUSD TECHS

Triangle Base Tested

US TSYS
US TSYS: A very tight re-open for T-Notes with the contract last -0-03 at
131-09.
- Friday saw Tsys jump on a "disappointing" NFP report, after trading lower
ahead of the release. The space later retraced to largely neutral levels as Fed
Chair Powell did little to shift expectations for the Sep FOMC.
- NFP headline came in at +130K, below +160K consensus, with -20k 2-month net
revision dampening the report further. +0.4% M/M AHE gave some space for
hawkishness, but most chose to focus on job growth slowdown.
- Later in the day Fed Chair Powell downplayed NFP weakness in comments made
from Switzerland, repeating earlier language on sustaining the expansion, this
allowed Tsys to pare some of their earlier gains.
- As of writing, a 25bp cut remains fully priced for September, and the Fed is
now in blackout ahead of next week's MonPol decision.
- Friday also saw NEC Director Kudlow note that the recent ministerial level
Sino-U.S. phone call went "very well," although he refrained from providing any
predictions re: the upcoming talks and the fate of the proposed tariffs.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com