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CHINA RATES

China Repo Rates Jump on Tuesday: Wind

CHINA PRESS

Yuan to Maintain Near-Term Strength: Journal

CHINA PRESS

Biden May Be Consumed by Bumpy Recovery: Daily

JGB TECHS

(M1) Bullish Focus

AUD

Westpac note that "the Aussie has barely paused since bouncing off $0.70 in early November, with early January highs above $0.78 the strongest levels since March 2018. Rapid global equity gains following the US elections, optimism over Covid-19 vaccines, and resurgent iron ore prices (9-year highs) have all played a role. Since the US dollar typically underperforms in global economic upswings, dips in AUD/USD should be shallow. However, our end-Q1 forecast of $0.76 implies some headwinds capping the A$, including upward pressure on US Treasury yields following the Democrats' recapturing of Senate control, the RBA's aggressive A$100bn QE program (with potential for more), ongoing pain for Australia's tourism and education exports, and tensions with China which will hurt both investment and exports."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com