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US TSYS

Late Risk Appetite Gathers Momentum

USDCAD TECHS

Fresh Bear Cycle Low

GLOBAL

Fiscal Tightening And Yield Curves

AUDUSD TECHS

Bullish Extension

EURJPY TECHS

Consolidating

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FOREX
FOREX: Westpac note that their G10 FX model's "appetite for AUD downside is
easing, with the short position down to a mere 6%. A slightly less weak growth
signal in the wake of last week's jobs data and business surveys has been one
factor. Our short term macro momentum signal - logit probability - has turned
less negative too amid lower global risk premia. Again that NZD remains deeply
out of favour; - 24% of the portfolio. Rising yields and one of the strongest
G10 growth signals keep the model firmly long USD for another week. JPY is the
other favoured long, though the drivers are very different - healthy momentum in
Japan's external accounts and short term undervaluation of the currency versus
our fair value estimates."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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