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JGB TECHS

(U1) Tilted Higher

AUSSIE 10-YEAR TECHS

(U1) Uptrend Weakening

US TSYS SUMMARY

Bullard Kickstarts Reflation Unwind Theme

AUDUSD TECHS

Fresh 2021 Lows

Oil price woes send EM.............>

EMERGING MARKETS
EMERGING MARKETS: Oil price woes send EM currencies soaring
- After a decent overnight rebound off the lows, Trump's proclamation that Iran
are "standing down" soothed sentiment further and helped make a sizeable dent in
oil prices. This fed through well to EM currencies, particularly oil importers,
and saw the likes of ZAR, TRY and CLP rally sharply. The same was true in
offshore markets, allowing KRW and INR forward outrights to add to the gains
seen in onshore Wednesday trade. 
- USD/THB hits the day's highs just ahead of the close as the Bank of Thailand
took more aggressive steps to ease THB strength. The Bank of Thailand are to
ease capital outflow rules further and stated that they are ready to take more
policy steps if growth disappoints in the coming months. This looks like a more
aggressive tone from the Bank after yesterday's an MPC member spoke against THB
strength and specifically mentioned 30.00 in USD/THB as a level to defend.
- Chinese inflation data takes focus Thursday, followed by South African
manufacturing numbers, Brazilian industrial production. The Israel and Peru rate
decisions are due, with both seen unchanged at 0.25% and 2.25% respectively.