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Corrective Pullback Still In Play


Late Eurodollar/SOFR/Treasury Option Roundup


Trend Needle Still Points North

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FOREX: National holidays in China and Hong Kong limited the potential for major
shocks, leaving the impending RBA monetary policy decision front and centre. The
kiwi's losing streak continued and NZD/USD printed a new YtD low, as a weak QSBO
and the adoption of more aggressive RBNZ easing calls by several sell-side desks
dented the NZD. Kiwi weakness filtered through into AUD to an extent.
- USD was bid across the G10 currency board, with BBG trader sources pointing to
demand from index funds after a good showing from the greenback on Monday. DXY
rose to a fresh YtD peak at 99.51, a level not seen since May 2017.
- KRW took a hit at the open as South Korean CPI slipped on a Y/Y basis for the
first time on record. Subsequent recovery helped trim the won's losses vs. USD.
- BoJ Tankan indicated a drop in biz. sentiment & solid capex. Average USD/JPY
rate assumed by major manufacturers for FY2019 was Y108.68 vs. Y109.35 in June.
- Today's data highlights include a series of m'fing PMI numbers from across the
globe, EZ CPI and Canadian GDP. Central bank rhetoric is awaited from Fed's
Clarida, Evans and Bowman, as well as ECB's Draghi, Lane, Holtzmann and
Weidmann, not to mention RBA Gov Lowe who will hold a post-MonPol presser.

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