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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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Greenback Struggles

FOREX

The greenback continued its move lower with liquidity still thinner than usual, UK and US participants are expected to return today after a long weekend.

  • AUD is top of the G10 pile, AUD/USD up 31 pips at 0.7765. The RBA rate announcement is still to come. Final May manufacturing PMI came in at 60.4 from 59.9 previously, while ANZ Roy Morgan weekly consumer confidence printed 111.4 down from 114.2 last week. CoreLogic house prices rose 2.3% M/M in May from 1.8% in April
  • NZD is up 14 pips at 0.7283, data showed New Zealand April home building approvals rose 4.8% M/M from a revised 19.2% rise in March.
  • Yen is firmer, USD/JPY is down 14 pips having moved in a narrow range through the session. There are reports that organisers are preparing to hold the Olympics with spectators. Data showed Q1 capital spending fell more than expected at -7.8% Y/Y, consensus -6.8%, capital spending ex-software came in at -9.9% Y/Y against estimates of -7.6%. Companies sales print -3.0% Y/Y, profits rose 26.0% after falling 0.7% in Q4.
  • Yuan is firmer, USD/CNH down 31 pips after the pair jumped on Monday following an increase in the RRR by the PBOC to 7% from 5% by the PBOC. The PBOC once again fixed USD/CNY above sell side estimates indicating a preference for a weaker yuan. Caixin manufacturing PMI at 52.0 in May was in-line with April.
  • GBP/USD pushed higher, registering a fresh multi-year high in the process. Bulls now eye 1.4315 as the next resistance point, which represents the April 18 2018 high.

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