*Markets appear settled ahead of ECB
*Equities see positive open
*Crude up on supply dynamics


  • FX was settled today ahead of this week's main ECB event with most pairs meandering in 10-20 pip ranges. 
  • AUDUSD was bid +0.15%, approaching Friday's highs, while NZDUSD came off -0.05%.
  • USDJPY traded slightly below the 107 handle all day, up +0.02% with Japan's Q2 GDP printing in line though having little impact. 
  • GBPUSD is a edging lower -0.28% ahead of UK GDP m/m at 6.30pm AEST. The consensus for July GDP growth is +0.1% with the marginal improvement expected to come from services offset by weaker manufacturing seen in recent PMI reports.
  • USDCNH crept higher across Asia +0.33% as slowing export growth over the weekend weighed. Export growth printed -1.0% vs 2.0%e. 


  • Stock markets were broadly positive likely due to Friday's stimulus announcement from China, Powell's rosier outlook of the US economy and consumer, and positive US-China trade soundbites.
  • ASX ended effectively flat +0.01% at 6,648.  
  • S&P500 futures gained +0.18%. 
  • CSI300 benefited most, up +0.62%. 
  • Hang Seng futures finished up, +0.35%, despite Hong Kong's weekend rumbles and a credit rating downgrade.

Fixed Income:

  • US 10y yields ticked higher ~2bps benefiting from Friday's Fedspeak.
  • AUS 10y yields was also up 1bps.


  • Brent crude gained +0.85% across Asia on lower supply expectations from Saudi Arabia, the world's 2nd largest oil producer.
  • Gold and Silver both sold-off -0.12% and -0.86% in a marginally risk-on day.