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JGB TECHS

(M1) Bullish Focus

AUSSIE 10-YEAR TECHS

(M1) New Multi-Month Highs

AUSSIE 3-YEAR TECHS

(M1) Directional Triggers Intact

USDCAD TECHS

Approaching Major Support

US TSYS SUMMARY

Inflation Concerns Underpin Bear Steepening

ECB
ECB: - Distribution of APP programme: There is also some hope that there might
be a little more guidance on the breakdown between public sector and private
sector bond purchases
- Tiering: Comes into effect on Oct 30 in the next Maintenance Period.
Expectations range from little impact on ESTR (EONIA) to an increase of a few
basis points. If ESTR picks up would the ECB be happy with that or adjust the
multiplier? Again, we expect this question to be dodged with the ECB saying that
it reserves the right to alter the multiplier if market conditions warrant.
- Fiscal response: Draghi and other ECB members have continued to point out that
monetary policy cannot solve the Eurozone's issues on its own and that a fiscal
policy response is becoming increasingly necessary. He is expected to be asked
for more details on what he wants member states to do. (2/2)