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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

BONDS
BONDS: Renuka Fernandez at Nomura looks at the monthly portfolio flow statistics
from Japan in July. she concludes that "The rotation out of Bunds is in line
with seasonals. The switch out of OATs comes after three months of buying, with
July marking the highest volume of buying this year. We expect interest to fall
slightly into year end, as suggested by seasonal patterns. However, we note
that, on an FX-hedged basis, 10y EGBs - particularly OATs, Bunds and Danish
bonds - offer an attractive yield pick relative to 10y JGBs. USTs, however, are
less attractive on an FX-hedged basis, offering only 42bp"