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AUD

AUDUSD consolidates

GERMAN T-BILL AUCTION RESULTS

6/9-month bubills

BONDS

Bounce on European open doesn't last

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  • The Dec-21 WTI future printed a new cycle high in Asia-Pac trade at $83.96/bbl, with strength stalling just ahead of the psychological $84/bbl handle. Both WTI and Brent crude futures have rolled off the overnight highs as the greenback reclaims some lost ground and recovers off the overnight lows.
  • Elsewhere, the Russian President Putin spoke again on persistently high gas prices, warning that an extended period of high prices would deter consumption among some of Russia's largest trade partners, harming the likes of Gazprom in the longer-run. Reports suggest Russia will have filled its domestic gas stockpiles by the beginning of November, after which priorities could switch to exporting gas, possibly keeping a lid on prices going forward.
  • WTI trend conditions remain bullish and the contract has traded to a fresh trend high today. The continued move higher maintains the bullish price sequence of higher highs and higher lows, reinforcing the uptrend. The focus is on $85.01 next, a Fibonacci projection.
  • Gold is firmer this week. Attention though is on Friday's sharp sell-off that continues to highlight a potential bearish threat. Key short-term resistance has been defined at $1800.6, the Oct 14 high.