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Bull Flattening As Growth Fears Abound


EGB/Gilt: Rally Extends


BLOCK, Funded Midcurve Put Spd


Bull steeper


What US CPI Beat?


(M2)‌‌ Corrective Bounce Extends

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FOREX: AUD benefitted from a much stronger than exp. AU labour market report.
AUD/USD rallied to $0.7200 from $0.7175 on the release, last $0.7190. Bulls
still need a close back above $0.7305/10 to alter the short term outlook in
their favour. The Sep 07 high ($0.7203) provides initial resistance. The move in
AUD/NZD weighed on NZD/USD, which last trades at $0.6555.
- JPY felt some pressure from a largely upbeat session for Asia equities
stemming from Wed's U.S.-China trade talk story. USD/JPY last Y111.40.
- Wednesday afternoon saw comments from Mexican EcoMin Guajardo, as he noted
that he believes that there is a "high chance" of a U.S.-Canada trade deal. This
allowed USD/CAD to fall to C$1.2981, despite RTRS source reports suggesting that
the best possible outcome is a deal in principle next week. Firmer oil prices
also aided CAD on Weds. Remarks from Canadian ForMin Freeland show that she will
not return to discussions with U.S. TR Lighthizer until Canadian & U.S. off'ls
have conducted more work, leaving USD/CAD at C$1.3005 last.
- BOE, ECB & CBT MonPol decisions headline today, U.S. CPI & Fed's Bostic also
due. Also worth noting that UK Brexit Min Raab will meet with EU's Barnier.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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