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Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

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  • AUD sold off following a speech from the RBA Governor, in which he downplayed the near-term risks of market pricing pointing to rate hikes throughout 2022 and 2023, reaffirming the Bank's well-trodden guidance. The speech pressed AUD/USD through yesterday's lows of 0.7336, and now trades in a holding pattern below the 0.7356 50-dma.
  • The USD index trades lower, with the market edging through yesterday's lows to narrow the gap with Friday's 92.33. Inflation data later today will likely prove key for the greenback, with today's release the last look ahead of the September FOMC.
  • GBP trades solidly, with markets buoyant following jobs data showing UK payrolls figures erasing the entirety of the pandemic dip. GBP/USD traded at the week's highs in response, targeting the first upside target at 1.3889.
  • The US CPI release is the calendar highlight Tuesday, with markets expecting a moderation in price pressures - although the Y/Y figure is still seen north of 5.0%. Elsewhere, BoE's Bailey is due to speak at 1400BST/0900ET.