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USDCAD TECHS

Fresh Lows Below 1.2062

AUDUSD TECHS

Extends This Week's Gains

JGB TECHS

(M1) Consolidating

EURJPY TECHS

Upside Extension Within Its Channel

US TSYS SUMMARY

Narrow Range Ahead April FOMC Minutes

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T-Notes have edged lower, nearing Tuesday's worst levels, and last trade -0-02 at 131-31. The contract had a brief look below yesterday's worst levels, but has already moved away from its early session low of 131-29+, with little in the way of fresh headline flow to drive these swings. Cash Tsy yields sit a touch higher across the marginally steepened curve. Eurodollar futures last seen unch. to -0.5 tick through the reds. Speculation surrounding U.S. Pres Biden's latest round of fiscal support continues to do the rounds, as we await today's MonPol decision from the FOMC.

  • JGB futures have wavered within a tight range, the contract trades at 151.37 at typing, 8 ticks below last settlement. Cash JGB yields mostly sit marginally higher, save for 2s & the marginally outperforming 5s. Japanese retail sales rose faster than forecast and focus now turns to 2-Year JGB supply & the BoJ's Rinban outline for May.
  • Aussie yield curve has bear steepened, with cash yields last seen 0.5-5.6bp higher as we type. YM last trades -1.5 & XM -5.0, just above session lows. Bills trade 1-2 ticks lower through the reds. Today's CPI report provides the main point of note locally, with weekly payrolls data & preliminary monthly trade balance also due.