AUD stages impressive bounce as bear..........>

FOREX: AUD stages impressive bounce as bear trigger defied

-Bears eyed $0.6677 as a fresh catalyst to press AUD/USD lower still, but

Tuesday's decent recovery defied the bear trigger. The pair benefited from the

turnaround in appetite for precious metals (gold traded higher by over 1%, with

silver adding over 3%) and a dour set of US data which pressured the greenback.

-ISM Manufacturing flagged a greater risk of recession in the coming months. New

orders and inventories data looked particularly weak, suggesting the headline is

unlikely to poke back above 50.0 anytime soon. The release dragged the USD index

off the cycle highs printed up at 99.370, prompting markets to turn focus to the

nonfarm payrolls due Friday.

-GBP staged an impressive intraday reversal as the government lost its majority

upon reconvening parliament. The groundwork may be laid for Johnson to call a

snap General Election as soon as tomorrow if his government loses in the House

of Commons this evening.

-Global services PMIs, EZ retail sales and the BoC rate decision are due

Wednesday. A plethora of speakers from the Fed, ECB and BoE are on the docket.