IRAN: Foreign Min To Meet E3 Counterparts In Geneva On 20 June

US Treasuries Roll Views, first notice is on the 30th and like the UK Gilt expect for these to pick up into the end of the Week. Also note that next Monday 26th May is a Bank Holiday in the UK, the Roll pace is picking up so far Today.

Deutsche:

• WNA: Bearish.
• USA: Bearish.
• UXY: Neutral.
• TYA: Bearish.
• FVA: Bearish.
• TUA: Bullish.

JPM:

• WNA: Mildly Bearish.
• USA: Bullish.
• UXY: Bearish.
• TYA: Mildly Bearish.
• FVA: Mildly Bearish.
• TUA: Mildly Bullish.

• AUD is slipping against all others in G10 following the RBA rate cut to 3.85%. While the rate cut itself was expected, Bullock's more assertive language on easing ahead has pressured the front-end of the curve. The RBA disclosed that a 'jumbo' rate cut of 50bps was discussed - signaling the bank's approach to inflation is less restrictive than expected. As a result, AUD/USD has retreated away from any test of the 200-dma of 0.6452, reverting to the lower-end of the recent range in the pair.
• An uptick in oil prices has helped support commodity-tied currencies. Comments from Iran's Khamenei talked down the prospects of progress with the US in nuclear negotiations. Khamenei stated he does not believe talks with the US will yield any results - supporting Brent crude to briefly trade back to yesterday's highs. As a result, NOK is outperforming most others in G10.
• Broad EUR and GBP strength that played out across Monday has faded somewhat, however GBP/USD remains well toward the upper-end of the week's range. GBP/USD holds above 1.3350, but is yet to make any material challenge on the weekly high of 1.3404.
• Canadian CPI for April is the data highlight Tuesday, at which markets look for Y/Y CPI to slow to 1.6% from 2.3% previously. The Atlanta Fed's financial markets conference continues, while appearances are also due from Fed's Bostic, Barkin, Collins, Musalem and Kugler. Knot & Cipollone represent the ECB.