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AUSSIE BONDS: 3- & 10-Year futures trade 2 ticks back from lows, after softening
as U.S. stock index futures moved higher earlier on. The space had little
reaction to comments from RBA Gov. Lowe, made during SYCOM hours, as he noted
that the RBA is "starting to get concerned about credit supply." While he also
suggested that unemployment may go to 4.5% without generating wage pressure.
It's currently 5.0% & the RBA is projecting 4.75% during '20. This came after
the initial speech, which saw Lowe state that "the Board does not see a strong
case for a near-term change in interest rates. There is a reasonable probability
that the current setting of monetary policy will be maintained for a while yet."
- The 3-/10-Year cash yield differential has held above 60bp, with AU paper's
recent underperformance vs. Tsys also holding, AU/U.S. 10-Year yield spread at
~-37.5bp, little changed as we approach the close, after AU paper underperformed
early on. Bills trade 1 tick higher to 1 tick lower through the whites and reds.
3-Month BBSW set unch. today.
- A softish non-basket bond auction added some modest pressure to the space in
early dealing.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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