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Corrective Pullback Extends


(M2) Downtrend Intact


Corrective Cycle Still In Play


(M2) Trend Needle Points South


Holding Above Recent Lows

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US TSYS: Worry surrounding the first USD/CNY fix after mainland China's Labour
Day holidays, coupled with USD/JPY breaking below last week's low, built on the
negative momentum for U.S. equities that was seen into the NY close (largely
attributed to the commentary provided by Fed Vice Chair Clarida), weighing on
e-minis in early Asia-Pac trade. However, the USD/CNY fix failed to generate the
fireworks that many feared, which allowed equity futures to recover from worst
levels, while T-Notes were happy to hold a tight range, with the cash space
closed in Asia hours, owing to the final day of the Japanese Golden Week
holidays. Activity was generally light, with T-Notes last -0-06 at 138-21+,
pressing fresh lows, on volume of ~22K ahead of European hours.
- Eurodollar futures +1.0 to -0.5 through the reds, twist steepening through
that section of the curve.
- Quarterly refunding announcement eyed today. A reminder that participants have
pointed to this event, plus a relatively heavy start to the week for $ IG
issuance, as the drivers behind the steepening seen over the past couple of
sessions. We also get ADP labour market data & Fedspeak from Bostic & Barkin.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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