COMMODITIES: Oil Steadies Post Xi / Trump Meeting; Gold Approaches Key Technical
* Oil had an uneventful day overnight, finishing modestly weaker as markets assess the soundbites ...
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AUSSIE 3-YEAR TECHS: (Z5) Southbound
- RES 3: 97.796 - 1.618 proj of the Sep 3 - 12 - 15 price swing
- RES 2: 96.685 - 1.000 proj of the Sep 3 - 12 - 15 price swing
- RES 1: 96.615 - High Sep 12
- PRICE: 96.405 @ 16:23 BST Sep 30
- SUP 1: 96.280 - Low May 15 (cont.)
- SUP 2: 95.900 - Low Jan 14 (cont.)
- SUP 3: 95.760 - Low 14 Nov ‘24
Aussie 3-yr futures have traded lower and the contract has cleared the Sep 3 low of 96.435. A break of this level negates the recent short-term bullish theme. This breach signals scope for an extension towards 96.280, the May 15 low on the continuation chart. The short-term resistance to watch is 96.615, the Sep 12 high. Clearance of this level is required to reinstate a bullish theme.
ASIA: Coming Up In Asia-Pac Markets On Wednesday
| 2245BST | 0545HKT | 0745AEST | NZ Aug Building Permits |
| 0000BST | 0700HKT | 0900AEST | Australia Sep F S&P Global PMI Manufacturing |
| 0050BST | 0750HKT | 0950AEST | Japan Q3 Tankan |
| 0100BST | 0800HKT | 1000AEST | South Korea Sep Trade |
| 0130BST | 0830HKT | 1030AEST | Japan S&P Global PMI Manufacturing |
| 0130BST | 0830HKT | 1030AEST | South Korea S&P Global PMI Manufacturing |
| 0200BST | 0900HKT | 1100AEST | Australia Sells A$1.2bln 2034 Bonds |
OIL: US Crude Drawdown But Product Inventories Higher
Bloomberg reported a US crude stock drawdown of 3.7mn last week with 693k at Cushing, according to people familiar with the API data. However, gasoline rose 1.3mn and distillate 3.0mn. Inventory data is being monitored for signs of excess supply as the IEA is forecasting a record market surplus in 2026. The official EIA data is due to be released on Wednesday, which if it follows the industry data will show a third consecutive weekly inventory drop.
