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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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Longs

  • Strong demand for ultra-long gilts noted by both GEMMs and investors.
  • 1.25% Jul-51: Two reopenings of the 30-year gilt recommended by GEMMs (in line with MNI expectations). Reopenings favoured by investors.
  • Strong support for 0.875% Jan-46, 0.50% Oct-61, 1.625% Oct-71 among both investors and GEMMs.
  • GEMMs also had a "number of calls" for a new 20-year maturity.
Linkers
  • One auction each of the 0.125% Aug-31 linker, 0.125% Sep-39 linker and 0.125% Mar-51 linker favoured by both GEMMs and investors (in line with MNI expectations).
  • Other auction: 2065 and 2068 both mentioned by both investors and GEMMs. Investors also mentioned 2056 or with "some participants pointing to the need for a new 50-year maturity index-linked gilt at some stage"