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JGB TECHS

(U1) Tilted Higher

AUSSIE 10-YEAR TECHS

(U1) Uptrend Weakening

US TSYS SUMMARY

Bullard Kickstarts Reflation Unwind Theme

AUDUSD TECHS

Fresh 2021 Lows

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A really busy session, led by fear of a faster pick up in inflation triggering reflation trades

  • Equities and Govies plummeted
  • Some Covid variant concerns also kept the risk off tone, Travel and leisure the worst performing stocks.
  • Bund traded through support noted this morning at 169.47.
  • Next bid downside target comes at -0.14% in yield, which equates to 169.19.
  • Bund has bounced off the low at the time of typing, following some heavy dip buying in Equities on the US cash open.
  • BTP eye 146.16, which would equate to 1% in yield terms, but the contract printed a 146.22 low so far.
  • German 5/30s curve trades at steepest levels since July 2019.
  • Looking ahead, still plenty of speakers, including ECB de Cos, Fed Brainard, Bostic, Harker, Kashkari.
  • But all the attention turns to the US CPI tomorrow