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JGBS

Futures Off Lows Overnight

AUD

CPI In The Spotlight

JGB TECHS

(Z1) Downside Pressure Resumes

OIL
OIL: Oil futures sit virtually unchanged, with WTI last at $68.25 & Brent at
$73.75.
- Participants look to the OPEC JMMC meeting on Friday. JMMC ministers are
expected to discuss the 5-year average inventory metric, with many suggesting
that alternative gauges should be used to judge the success of the OPEC/Non-OPEC
production pact.
- Traders also eye the latest weekly Baker Hughes rig count release.
- WTI's lack of follow through on fresh 2018 & 3+yr highs following the marginal
break above the bull channel top is a concern for bulls when combined with daily
studies correcting from overbought levels & the proximity of the Bollinger band
top ($69.09). Bears still need a close below hourly support from April 18
($67.57) to gain breathing room and to hint at a correction lower.