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  • AUD is today’s weakest major after RBA’s minutes discussed the scenario for a rate cut, making this week’s employment data and next week’s CPI all the more important. Minor inflows to the yen cemented AUD/JPY as today’s biggest mover.

  • The Fed’s Rosengren doesn’t think negative rates should be used as a tool in the next downturn, and they should target an inflation range (not the obligatory 2%).

  • Cable continues to coil within its triangle. Asian equities hovered below 9-month highs as Wall Street’s rally pauses for breath. US10Y is little changed around 2.55%. Gold has drifted lower, along with Silver above key support.

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