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USDCAD TECHS

Trend Structure Remains Bullish

US TSYS

Cautious Risk Appetite Gains Momentum

AUDUSD TECHS

Key Support Still Exposed

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Late Equity Roundup: 2W Highs

US TSYS

Eurodollar/SOFR/Tsy Option Roundup

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Looking Offshore For Moves

AUSSIE BONDS

Aussie bonds have traded on the previously outlined swings in risk appetite, operating off worst levels of the session at typing, after dipping lower alongside U.S. Tsys in early Sydney trade.

  • That leaves YM -0.5 & XM +1.0, while wider cash ACGB trade sees a pivot around the 7-Year zone as the curve twist flattens, with 30s richening by ~2.5bp.
  • The 3-/10-Year EFP box has twist flattened.
  • Bills run -4 to +1 through the reds, twist flattening.
  • Local data had no tangible impact on the space, with private capex providing soft GDP partial data (at least on face value) for a second consecutive day (-0.3% Q/Q vs. BBG median of +1.5%), although there was a positive revision for Q421 (up to +2.3% Q/Q from +1.1%). We also saw a much firmer than expected markup in firms’ 22-23 capex plans, while the GDP-centric equipment, plant and machinery capex category was firmer than the headline, rising by 1.2% Q/Q.
  • Friday will see A$800mn of ACGB Jun-31 supply, the release of the AFM weekly issuance slate and monthly domestic retail sales data.
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Aussie bonds have traded on the previously outlined swings in risk appetite, operating off worst levels of the session at typing, after dipping lower alongside U.S. Tsys in early Sydney trade.

  • That leaves YM -0.5 & XM +1.0, while wider cash ACGB trade sees a pivot around the 7-Year zone as the curve twist flattens, with 30s richening by ~2.5bp.
  • The 3-/10-Year EFP box has twist flattened.
  • Bills run -4 to +1 through the reds, twist flattening.
  • Local data had no tangible impact on the space, with private capex providing soft GDP partial data (at least on face value) for a second consecutive day (-0.3% Q/Q vs. BBG median of +1.5%), although there was a positive revision for Q421 (up to +2.3% Q/Q from +1.1%). We also saw a much firmer than expected markup in firms’ 22-23 capex plans, while the GDP-centric equipment, plant and machinery capex category was firmer than the headline, rising by 1.2% Q/Q.
  • Friday will see A$800mn of ACGB Jun-31 supply, the release of the AFM weekly issuance slate and monthly domestic retail sales data.