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Futures Unchanged Overnight, Rinban Eyed


BoK To Sell MSB's, New Issuance From Sept

AUSSIE: AUD/USD has largely given away the modicum of strength it showed in
early indicative trade after Chinese government's communique & official
guidelines suggested that Beijing will try and tackle the issue of IP
violations, a key sticking point in trade talks with the U.S.
- Friday saw AUD/USD stick to a tight range. Activity briefly picked up into the
EU morning, likely due to gyrations in risk appetite as mixed EZ PMI data hit. 
- AUD/USD now trades +5 pips at $0.6790. Bulls look for a breach of $0.6803/09,
Friday's high/50-DMA. It would open up the 100-DMA/Nov 19 peak at $0.6830/35.
Bears need a dip under $0.6770, the 61.8% retracement of the Oct bull mkt & Nov
14 low, before targeting the 76.4% retracement of that rally at $0.6732.
- Speaking w/ABC, Aussie Treasurer Frydenberg defended the recent rate cuts from
the RBA & refused to agree that last week's announcement of new infrastructure
spending means that the gov't admits that the economy is running out of steam.
- Focus in Australia turns to construction work done, capex and private sector
credit data, due on Wednesday, Thursday and Friday respectively. RBA Gov Lowe
and Dep Gov Debelle both speak on Tuesday.
MNI London Bureau | +44 203-865-3806 |