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GBPUSD TECHS

Recent Gains Considered Corrective

EURUSD TECHS

Bearish Focus

EUROSTOXX50 TECHS

(U1) Bearish Engulfing Candle Still In Play

BTP TECHS

(U1) Trading Closer To Recent Lows

US TSYS SUMMARY
US TSYS SUMMARY: Tsys trading broadly lower/off lows in second half, decent
volume, curves see largest rebound since May, 30YY >3.02% Jun 27 highs. Trump
effect hits US$, complains China & EU for manipulating currency. 
- Tsys decouple from US$, however, selling off on word BoJ considering modifying
yld curve and rate targets, "allowing for natural rise in L/T rates." Ahead
open, US Pres Trump "ready" w/additional tariffs on $500B Chinese goods
backstopped rates & weighed on equities. Otherwise light data day, no react to
StL Fed Pres Bullard on MonPol ahead media blackout Sat.
- US$ index off hard: DXY -0.669 to 94.495 (95.280H/94.480L); US$/Yen -.85 to
111.62 (112.62H/111.54L); equities near steady (emini +0.5, 2805.75); gold
firmer (XAU +7.50, 1230.40); West Texas crude little firmer (WTI +0.53, 69.99).
Heavy first half flow, stops triggered long end as curves bounced, heavy long
end pressure amid real$, bank and ins port' sales, fast$ flattener unwind 2s10s
and 5s30s, prop 2-way shorts to interm's also net better sellers. Massive buy
>150k EDU8 (70k Block) at 97.555. Tsy cash/ylds: 2Y 99-26 (2.595%), 5Y 99-11.5
(2.763%), 10Y 99-27.5 (2.889%), 30Y 101-29.5 (3.026%).
MNI Chicago Bureau | +1 312-431-0089 | bill.sokolis@marketnews.com