Four Surprises Moved Nothing. A $69 Billion Auction Cleared 47 Basis Points Higher.
The CBI beat by 24 points and sterling made a new September low.
Australia's manufacturing PMI fell into contraction at 49.3 and AUD/USD sat at 0.7115. Iran offered to reopen Hormuz and the yen round-tripped fifty pips. The only directional information all session came from a $69bn two-year auction that scored in line on every demand metric — and cleared 47.2 basis points above July's.