ASIA: Coming Up In The Asia-Pac Session On Thursday
| 2300GMT | 0700HKT | 1000AEDT | South Korea Dec BoP Current Account Balance |
| 2350GMT | 0750HKT | 1050AEDT | Japan Jan Investor Flows |
| 0030GMT | 0830HKT | 1130AEDT | US Fed's Jefferson Gives Lecture |
| 0030GMT | 0830HKT | 1130AEDT | Australia Dec Trade Balance |
| 0130GMT | 0930HKT | 1230AEDT | Japan BOJ Board Tamura Speech in Nagano |
| 0200GMT | 1000HKT | 1300AEDT | Japan Jan Tokyo Avg Office Vacancies |
| 0330GMT | 1130HKT | 1430AEDT | Japan to Sell 3.5 Trillion Yen of 6-Month Bills |
| 0335GMT | 1135HKT | 1435AEDT | Japan to Sell 30-Year Bonds |
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USDCAD TECHS: Uptrend Remains Intact
- RES 4: 1.4678 2.0% 10-dma envelope
- RES 3: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 1: 1.4467 High Dec 19
- PRICE: 1.4332 @ 20:46 GMT Jan 6
- SUP 1: 1.4320/4280 20-day EMA / Low Jan 6
- SUP 2: 1.4232 Low Dec 17
- SUP 3: 1.4136 50-day EMA
- SUP 4: 1.4011 Low Dec 5
USDCAD traded lower Monday. The trend set-up remains bullish and a move down appears corrective. The latest pause in the uptrend appears to be a flag formation - a bullish continuation signal. Note too that MA studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. 1.4320, the 20-day EMA, has been pierced. A clear break of the EMA would open 1.4136, the 50-day EMA.
US TSYS: Early Market Swings on Universal Tariff Story Denied by Trump
- Treasuries look to finish mostly lower, curves steeper (2s10s climbing to new 3Y high of 37.004) with the short end outperforming.
- Early market swings tied to a Washington Post article reporting the Trump admin was "exploring plans" to apply tariffs to every country “but only cover critical imports”. The report suggests that Trump’s initial tariff plan may track relatively closely with the Biden administration’s targeted tariffs.
- Both rates and equities surged higher on the article - until Trump denied the watered down approach - with Treasuries reversing course and extending lows by midmorning. Stocks walked back support more gradually, near lows in lat etrade.
- Record corporate debt issuance for a single session climbed over $50B, rate lock hedging added additional pressure to rates.
- Tuesday Data Calendar includes JOLTS, ISM Services and Tsy 10Y Re-Open.
JGB TECHS: (H5) Bearish Outlook
- RES 3: 147.74 - High Jan 15 and bull trigger (cont)
- RES 2: 146.53 - High Aug 6
- RES 1: 143.39/144.48 - High Dec 9 High Nov 11
- PRICE: 141.56 @ 20:21 GMT Jan 06
- SUP 1: 141.45 - Low Jan 6
- SUP 2: 141.05 - 2.000 proj of the Aug 6 - Sep 3 - 9 price swing
- SUP 3: 140.54 - 2.236 proj of the Aug 6 - Sep 3 - 9 price swing
A clear downtrend in JGB futures remains intact and recent fresh cycle lows, reinforce this condition. Note too that moving average studies on the continuation chart are in a bear-mode setup, highlighting a clear downtrend. The move down exposes 141.05, a Fibonacci projection point on the continuation chart. For bulls, a reversal would open 143.39 and 144.48, the Dec 9 and Nov 11 high respectively.
