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USDCAD TECHS

Pullback Considered Corrective

AUDUSD TECHS

Holding Above Recent Lows

US EURODLR OPTIONS

BLOCK, Large 3Y Midcurve Put Condor

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  • Local rates trade a fraction higher at the open, despite mostly firmer risk sentiment out of the APAC session.
  • Yesterday saw the local curve close bear steeper on the day with 15 & 30Y yields most offered (+3.6-4.0bp).
  • 10-30Y yields continue to look vulnerable, while 2Y yields remain mostly contained in the 5.15-5.20 zone for now ahead of tomorrow's SARB.
  • CPI today will likely be a solid price action driver, with headline inflation expected to moderate to 4.8% from 5.2%, bolstering real yields.