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AUSSIE 3-YEAR TECHS

(Z1) Neutral at Higher Levels

AUSSIE BONDS

RBA Day

ASIA

Coming up in the Asia-Pac session on Tuesday:

MNI

Coming up in the Asia-Pac session on Tuesday:

US OUTLOOK/OPINION

GS: Payrolls Doesn't Change Faster Taper & First Hike In June Call

USDCAD TECHS

Bull Theme Remains Intact

AUSTRALIA
AUSTRALIA: Wednesday saw CBA note that "the second tranche of early Australian
superannuation redemptions will be available from 1 July 2020. The first tranche
sparked concern that AUD would be impacted as foreign assets were sold. To date,
there is little evidence the first tranche impacted AUD. We doubt the second
tranche will prove any different. First, funds have bolstered liquidity and hold
large cash balances. The Superannuation Association shows Australian super
funds' cash allocation rose from 10% to 14% between February and June 2020.
Second, any extra foreign assets that may need selling to meet redemption demand
is small in relation to daily AUD turnover. Third, demand for the second tranche
is likely to be less than the first. The economy has begun to reopen and jobs
are restarting. The Government's JobSeeker and JobKeeper payments likely also
reduced the need for early access."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com