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(H3) Support Stays Intact


Marginally Cheaper In Asia


Tech Headwinds Limit Gains


(H3) Watching Support


(H3) Has Pierced A Key Short-Term Support


Close To 100-Day EMA Resistance Point

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Rates Broadly Holding Lower Post BoC Surprise 50bp Downshift

  • Fed funds implied hikes hold levels after yesterday’s post-BoC dip to end-2022, with Nov 2 at 76.5bp and 133bp to 4.41% in Dec (-4bp from Tue close).
  • Meetings further out retrace some of yesterday’s decline, with a terminal 4.88% in May’23 before 4.51% for Dec’23, but still 4-5bps below Tue close.
  • US GDP Q3 advance and September durable goods in focus, with the final Atlanta Fed GDPNow of 3.1% implying some upside risk to consensus of 2.4%.

FOMC-dated Fed Funds implied hikesSource: Bloomberg

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