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AUSSIE 10-YEAR TECHS

(H1) Fragile Outlook

US TSYS SUMMARY

Curve Lower, Flatter as Yields Reverse Off Cycle Highs

US TSY/RECAP

Yield Curve Update

STIR FUTURES

Eurodollars Futures Snapshot

USDCAD TECHS

Consolidating

AUDUSD TECHS

Probes Key Support

NOK On Top as Month-End Flows Support

FOREX

USD/NOK broke through the December 2019 lows late Monday as month-end flows buoyed the NOK to pressure USD/NOK to the lowest level since July of last year.

Having strengthened sharply on the resignation of the Japanese PM Abe early on Friday, JPY has partially reversed those gains throughout the Monday session, with USD/JPY rising back above the Y106.00 handle ahead of the close. The 50-dma remains first resistance at Y106.50.

UK markets were closed Monday for the August bank holiday, keeping volumes and price action generally muted, but there were some hotspots of activity including the firmer NOK, but also CNY, CHF and AUD.

Implied vols inched higher despite more muted spot markets, with the likes of USD/CHF 1m implied vols particularly strong as the cross approaches breakout territory.

Focus Tuesday turns to final global manufacturing PMI data, the RBA rate decision (rates expected unch. at 0.25%) and the Manufacturing ISM data from the US. As usual, the employment component will take plenty of focus ahead of Friday's August nonfarm payrolls report. Fed's Brainard and ECB's Knot are both due to speak.