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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

AUSSIE BONDS

Not much outside of the pressure in U.S. Tsys and uptick in e-minis (which we flagged earlier and was linked to U.S. fiscal rhetoric) to explain the drift lower/steepening for the space, with YM -1.0 and XM -3.5. This is outweighing the impact of the aforementioned ACGB coupon payments, a strong ACGB '30 auction and prospect of deeper RBA easing.

  • Bills were un-reactive to the all-time low 3-month BBSW fixing, after their reaction to yesterday's comments from RBA Assistant Governor Kent. Note that 3-Month BBSW fixed at 0.06bp, with implied rates of the white contracts already trading below that level (0.03-0.05%). The space trades unchanged to -1 through the reds.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com