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AUSSIE 10-YEAR TECHS

(Z1) Off Lows, But Remains Weak

USDCAD TECHS

Still Vulnerable

AUDUSD TECHS

Bullish Price Sequence

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  • Turkish rates continue to slide in today's session alongside the rest of the EM complex as risk sentiment sours.
  • TurkGBs continue to underperform USD bonds, retaining their bear steepening bias: 5Y +11bp, 10Y +11bp. Meanwhile, USD bonds trade +7-9.5bp higher across the breadth of the curve with 3-7Y tenors most offered at +9-9.5bp.
  • Weakness mostly reflects continued bearish sentiment post-CBRT, alongside higher UST yields. Turkey's 5Y CDS stands +10.77bp higher on the day.
  • TRY is the top performing currency vs the USD in the CEMEA region (+0.4%) as selling momentum peters out and traders take some profits around 8.90. Supports stand at 8.8017 & 8.7484. Some talk of US CAATSA sanctions is something to monitor this week on top of monetary policy woes.
  • XU 100 trades +0.12% higher, having fallen -2.45% last week and -5.62% since the start of September. The Index established a weekly low at 1,380 after failing to break through the 100 & 50dmas at 1,420. Support from the bull channel LT comes in around 1,365 followed by the July lows at 1,340.