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GILT SUMMARY

Sunak's Budget Faces Mounting Criticism

GLOBAL POLITICAL RISK

WHO Scraps Interim COVID Origin Rpt As Tensions Spike-WSJ

CORN TECHS

(K1) Remains Below The Feb Highs

SOY TECHS

(K1) Bullish Conditions Intact

US DATA

Q4 Final Productivity -4.2%; Unit Labor +6%

AUSSIE
AUSSIE: AUD/USD softened to session lows of $0.7410 in early dealing on the back
of headlines suggesting that the U.S. is considering levying a 25% tariff on
Chinese goods, up from the prior 10%, although the sources attributed did
concede that the touted higher tariffs may not come to pass, with the cross
recovering to $0.7420 last.
- AUD/USD's 50-DMA ($0.7462) and the upper end of the major descending channel
(now $0.7485) provide formidable resistance which need to be overcome to
generate a bullish signal. Initial support is located at the July 30 low
($0.7386).
- China's Caixin Manufacturing PMI provides the major risk event for the AUD
today, while the cross will of course be subjected to the goings on at the FOMC
MonPol decision. AU trade data & retail sales due later in the week provide the
domestic headlines ahead of next week's RBA MonPol decision.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com