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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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  • Local & USD rates trade mixed around the open, with OFZs marginally in the red and USD bonds tentatively in the green.
  • Yesterday's session saw both curves end flat to firmer with price action getting choppy around US retail sales.
  • W/w the OFZ curve trades higher across the breadth with a slight bear steepening bias: 20-30Y yields +9bp higher.
  • Meanwhile, USD bonds trade -5-7bp lower across the curve on week.
  • Downside momentum in Russia's 5Y CDS has slowed somewhat, but still remains compressed vs the likes of Turkey – seeing an idiosyncratic move higher on low monetary policy credibility.