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CROSS ASSET

MONTH END

SILVER TECHS

Corrective Rally

BUNDS

A busy day on the data front

GOLD TECHS

Key Near-Term Resistance Exposed

WTI TECHS

(U1) Extends Gains

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J.P.Morgan note that "risk/reward is still biased toward lower yields in the near term, even with the LPR uncertainty, as likely sanguine liquidity conditions for the rest of July should help limit upside in rates. The latest RRR cut alone is not likely enough to motivate an outright cut in LPR, but the total cost savings for banks from a series of RRR cuts since 2020 and the latest deposit rate reform could push LPR rates incrementally lower."