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JGB TECHS

(M1) Bullish Focus

AUSSIE 10-YEAR TECHS

(M1) New Multi-Month Highs

AUSSIE 3-YEAR TECHS

(M1) Directional Triggers Intact

USDCAD TECHS

Approaching Major Support

US TSYS SUMMARY

Inflation Concerns Underpin Bear Steepening

DATA REACT

Perhaps surprising there wasn't more market reaction to that very weak retail sales report (indeed, Tsys have now moved lower), with control group -1.9% in December (est +0.1%, -1.1% prior - revised lower from -0.5%). That will have a direct negative bearing on Q4 GDP estimates as it is an input into national accounts.

  • Combined w other poor data this week including jobless claims, suggests that economic activity at the end of the year was weaker than expected.
  • Muted reaction may be on some expectation that the weak data will boost the case for a larger fiscal stimulus.


Census Bureau, MNI

MNI London Bureau | +44 203-865-3807 | tim.cooper@marketnews.com