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JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

AUSSIE 3-YEAR TECHS

(M2) Gains Still Considered Corrective

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FOREX
FOREX: Early dealing saw the JPY on top, with commodity linked FX under pressure
after U.S. Pres Trump introduced the latest round of U.S. tariffs on Chinese
imports (on ~$200bn worth of goods from Sep 24 at 10%, rising to 25% at year
end). The Trump admin remains open to talks with China & some groups of products
have been cut from the original list. Trump also noted that he will immediately
pursue tariffs on a further $267bn worth of Chinese goods if China retaliates.
- Risk sentiment gradually recovered, which saw the JPY ease & commodity linked
FX recover, with no unknowns hidden in the tariff details, while China didn't
immediately table a response (choppy price action was seen on a re-run of some
comments from MOFCOM made Monday). A recent SCMP piece has noted that Beijing is
likely to cancel trade talks with the U.S., with Chinese policymakers set to
hold a meeting to decide on their response.
- AUD benefitted from the minutes from of RBA's most recent decision as the lack
of dovish rhetoric & upbeat view on growth & the domestic labour mkt allowed the
RBA to reiterate that the next move in its cash rate will likely be up.
- Calendar thin on Tuesday, keeping focus on ECB's Draghi & Villeroy.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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