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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

GILT SUMMARY
GILT SUMMARY: Gilts opened lower as it appeared that the risk-off trade was
reversing in the Asian trading session. The contract quickly fell to a low of
127.21 before buyers appeared and quickly rose to 127.45. There is virtually no
net yield change for the 10-Year Gilt benchmark.
- Economic data included a decline in a RICS July house price index to +1, the
lowest since 2013 and down from +7 in the prior month.
- Manufacturing output data for June were close to consensus at 0.6%Y/Y,
although the IP data came in light of the consensus. The data had little impact
upon the Gilt market.
- Volumes have been exceptionally thin but for a small flurry of trading at the
open and a small buyer in the 127.30 area as the market reacted to the opening
of equity markets.
- The FTSE is down 78 points (1.06%) and is easily the worst performing major
equity market. However, 15 companies start trading ex-div today and this has
taken around 41 points off the index.