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3-Year Futures Look Vulnerable To Jobs Beat

AUSSIE BONDS

YMU3 is trading 7bp lower today at 96.15, ahead of the release of the June Employment report. Despite its retreat from the recent peak of 96.24, YMU3 remains vulnerable to a positive surprise in job numbers, as it is still about 40bp above the low recorded on July 10.

  • According to MNI’s technical team, further progress is needed before any challenge of the first resistance level of 96.730. For now, the recovery looks corrective, with key support at 95.960, the Jun 17 2022 low (continuous contract), having been cleared.
  • 95.451 represents the next downside level, a Fibonacci projection.
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