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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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The front end has led the way lower since yesterday’s settlement, in lieu of Fed Chair Powell’s comments re: considering a faster tapering pace and the need to retire the term “transitory” when it comes to inflation. Those comments dragged futures away from best levels of the overnight session, with the Omicron-inspired gains unwound. YM -4.0 & XM -1.0 at typing.

  • The belly of the cash ACGB curve leads the way lower, as you would expect in the wake of Powell’s tapering comments.
  • Q3 GDP data headlines the domestic docket on Wednesday, with A$1.0bn of ACGB Apr-33 supply also due. Further afield, the latest Caixin manufacturing PMI survey out of China (which is more geared towards SMEs vs. the focus on large firms in the official survey) will be worth watching, especially in lieu of yesterday’s firmer than expected official PMI prints.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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