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JGBS AUCTION

PREVIEW: 2-Year JGB Supply Due

JGBS

Curve Twist Steepens, Futures Narrow

US EURODLR FUTURES

EDU2/Z2/H3 Fly Given

US TSY OPTIONS

TYF2 132.00 Calls Still Being Lifted

FOREX
FOREX: Mixed NFP allows trends to extend
-Markets were clearly positioned very negatively for Friday's Nonfarm payrolls
report (evident in the much lower than consensus whisper number headed into the
release), which proved partially correct in hindsight. The headline was lower
than forecast, but a decent set of revisions and a surprising drop in the
unemployment rate (down 0.2ppts to 3.5% to new 50 year lows) helped support
sentiment into the close.
-Nonetheless, recent ranges were largely respected, with USD/JPY trading wholly
inside Thursday's candle, thereby keeping the broader trends unchanged. AUD
outperformed slightly, helping support the recovery from the Tuesday multi-year
low. This returns focus to the 50-dma resistance at $0.6788 for direction.
-German, French, Italian and UK industrial production, US PPI and CPI, Fed
minutes and the Canadian jobs report for September are the data highlights in
the coming week. Speeches are also due from BoE's Carney, ECB's Lane and Fed's
Powell - to name a few. Politics is likely to remain front and centre, with the
China trade mission headed for negotiations with the US.