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USDCAD TECHS

Consolidation Mode But Remains Bearish

AUDUSD TECHS

Fails To Hold Onto Thursday’s High

US

'Big Tech' Bill Goes To Senate

COMMODITIES

Oil Up For Fifth Week On Supply Disruption, Geopolitics

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The major overnight news, at least in the domestic sphere, came in the form of the latest article from RBA watcher, Terry McCrann. While the article is paywalled, the covering blurb noted that “after the latest RBA board meeting it is clear Australia is moving closer to a rate rise, not just potentially in 2023 but possibly even relatively early next year.”

  • This pressured the Bill strip overnight, with IRH2 providing the weak point. IRZ1 is unchanged at typing, with the remainder of the strip running 5-13 ticks lower through the reds, operating at/just off worst levels witnessed since the Sydney close.
  • YM also sold off on the story, with the contract showing lower again at the Sydney re-open before edging away from worst levels to last trade -6.5 on the day. XM has also edged away from the early Sydney lows, last -4.5. News that Australia is weighing a diplomatic boycott of the Beijing Winter Olympics may be providing some support as of typing.
  • Note that the U.S. Tsy curve also bear flattened overnight.
  • In terms of the local docket, we don’t have any major economic releases scheduled, but A$1.0bn of ACGB Nov-31 supply is due today.