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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

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Shorts

  • MNI had favoured 3 reopenings of the 0.375% Oct-26, a new Jan-25 gilt and potentially a reopening of the 0.125% Jan-24.
  • 0.375% Oct-26: GEMMs preferred 2-3 reopenings of the 0.375% Oct-26 with investors "a number of reopenings" of the gilt (MNI had expected 3 reopenings).
  • 3-year (0.125% Jan-24/New Jan-25): Some calls from GEMMs for the 0.125% Jan-24 with "a number of recommendations" from GEMMs for a new Jan-25 gilt. Both were mentioned by investors, with investors also mentioning a potential Oct-24 maturity.
  • 0.125% Jan-28: Significant support among GEMMs for one reopening, mentioned by investors as a possibility.
  • Other gilts mentioned: 0.125% Jan-26 (GEMMs), 0.625% Jun-25 (GEMMs), 1.50% Jul-26 (investors), new Oct-27 gilt (GEMMs).
Mediums
  • 0.25% Jul-31: 3 reopenings favoured by GEMMS (in line with MNI expectation). "Reopenings widely supported" by investors.
  • 15-year: Strong support from GEMMs for one reopening of the 0.625% Jul-35. MNI had expected a new 2036 which was mentioned with isolated calls.
  • Other gilts mentioned: New 2028/29/32 (investors), New Jul-29 (GEMMs), 0.875% Oct-29 (GEMMs), 4.75% Dec-30 (GEMMs).