US TSYS: Narrow Ranges Persisting
Tsys are holding in narrow ranges in the Asian session, the space has looked through the Caixin Mfg PMI print which was weaker than forecast. The measure is back in contractionary territory. Cash tsys sit ~1bp richer across the major benchmarks. TYZ3 deals at 105-29+, -0-08, the 0-03+ range remains intact.
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JPY: Marginally Pressured, ¥150 Handle In Sight
The Yen has been marginally pressured in recent dealing as US Tsy Yields weigh, Tsys have ticked lower today after a US Govt Shutdown was averted.
- USD/JPY is up ~0.2% and sits at ¥149.70/75.
- The trend outlook for USD/JPY is unchanged and remains bullish. Resistance comes in at ¥149.71, high from October 24 2022, then ¥150 which is round number resistance. Support is seen at ¥147.82 the 20-Day EMA.
NZD: Narrow Ranges In Asia
NZD/USD prints at $0.5990/95, the pair is in line with closing levels on Friday.
- Kiwi has see-sawed in a narrow range around the $0.60 handle in todays dealing, there has been no follow through on moves thus far.
- AUD/NZD is little changed and sits in a narrow range also.
- August Building Permits fell 6.7% M/M, the prior read was revised lower to -5.4%.
- Cross asset wise; US Tsy Yields are ~4bps firmer across the curve. E-minis are up ~0.6%.
- A thin docket today leaves wider swings in risk sentiment as the main driver in NZD.
US TSYS: Holding Cheaper
Tsys are holding cheaper in the Asian session, the early cheapening which had been driven by news of a govt shutdown being averted has extended a touch. This leaves cash tsys ~5bps cheaper across the major benchmarks. TYZ3 sits marginally above session lows at 107-23,-0-11, a 0-08 range has been observed thus far
