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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

US TSYS SUMMARY
US TSYS SUMMARY: Curves bend mildly steeper w/long end Tsys making session lows
in late. Rates pared early bid into Fed chair Powell's second day of testimony
(House FSC). Muted react again, but US$ reversed gains/moved lower on comment
from Fed chair: "more worried by lower inflation": more of an off-hand comment
in response to what keeps him up at night as no issues "flashing red" for
economy, risks remain balanced. Futures volume remains low (TYU<725k) by the
bell. No react to data today: housing starts (-12.3% to 1.173m vs 1.32M est).
- US$ index paring strong gains: DXY +0.091 to 95.076 vs. 95.407H; US$/Yen lower
-.03 to 112.85(113.14H/112.71L); equities mildly higher (emini +5.0, 2816.0);
gold near steady (XAU +0.31, 1227.87); West Texas crude firmer/off lows (WTI
+0.80, 68.88). Muted summer trade, rates slipped as US$/GBP climb off yr-to-date
lows. Modest knock-on bid coming into session w/ Gilts after UK June inflation
surprises to the downside. Bullard Friday ahead Saturday blackout. Good option
flow, upside call buyers, 2s10s steepeners in 2s10s, deal-tied hedging front
end. Tsy cash/ylds: 2Y 99-25.25 (2.607%), 5Y 99-11 (2.766%), 10Y 100-00
(2.873%), 30Y 102-21 (2.989%)