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Recent Gains Considered Corrective


Trend Needle Points North Despite Recent Pullback


Trend Needle Points North Despite Recent Pullback


Late SOFR/Treasury Option Roundup

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The first contractionary Chinese Caixin.......>

FOREX: The first contractionary Chinese Caixin manufacturing PMI reading since
May 2017 triggered a flurry of activity in the FX space after a slow start to
the Asia-Pacific session.
- JPY found itself atop the majors as the broader risk-off flows took hold, with
USD/JPY bears now starting to focus on Y109.00, as they look for consolidation
below the Jun25/Jun26 lows. As a reminder, Tokyo remains closed until Friday.
- The USD was stronger vs. the remainder of the G10 space, benefitting from the
risk-off backdrop, while CHF reversed a chunk of its earlier losses.
- AUD found itself at the bottom of the G10 pile in lieu of the Caixin print,
with AUD/USD breaching the 2018 low (although $0.7000 held) & AUD/JPY
registering a fresh cycle low in the process. USD/CNH stuck to a relatively
tight range, while USD/KRW ticked higher on the back of weak Korean trade & PMI
prints & cautious rhetoric from the BoK.
- Global manufacturing PMI data headlines a relatively limited global econ
docket today. Focus remains on the ongoing U.S. gov't shutdown; Pres. Trump has
invited a bipartisan group of congressional leaders to the White House today.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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