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AUSSIE BONDS

A Touch Lower Early On

JGB TECHS

(Z1) Edging Lower

NZD

Still Flying

US TSYS/TIPS

J.P.Morgan Look For Incident Free 5-Year TIPS Supply

US TSYS

J.P.Morgan On Month-End Supply Announcement

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  • Markets are reversing course Tuesday, with equities recovering off the Monday low and adding pressure to haven currencies. As a result, the JPY, USD and EUR are the poorest performers ahead of the NY open.
  • At present, the turnaround in sentiment looks more like a stabilisation of investor appetite rather than any sea change, with the e-mini S&P still below 4400 and south of yesterday's highs. Similarly, European indices are a touch firmer but are yet to erase the losses suffered Monday.
  • A bottoming out of commodity markets (WTI, Brent higher by over 1.5% apiece) is assisting the AUD, CAD and NOK strength. This solidifies the 50-dma in USD/NOK as solid resistance at 8.7965 - a level challenged, but not topped, earlier in the week.
  • US housing starts and building permits data is the calendar highlight Tuesday, with the OECD also releasing their interim economic outlook. There are no central bank speakers of note.