Morning Briefing

The dollar and Treasury yields are retreating ahead of a critical US payrolls report where leading indicators suggest a potential downside surprise. Global markets are also reacting to soft Chinese inflation and the aftermath of Japan's LDP election victory.

Key Takeaways

• 1.Market focus is centered on the upcoming US Non-Farm Payrolls (NFP) report, with anecdotal evidence suggesting a downside risk to the consensus forecast.
• 2.The US Dollar is on the back foot as 10-year US Treasury yields test key support levels near 4.127%.
• 3.China's inflation data came in softer than expected with CPI at 0.2% YoY, while the PBoC maintains a moderately loose monetary stance.

Table of Contents

• OVERNIGHT NEWS
• CALENDAR
• MARKET REVIEW
• OUTLOOK
• APPENDIX

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