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A fresh bid comes into the space on....>

AUSSIE BONDS: A fresh bid comes into the space on the back of the move higher in
the domestic unemployment rate, although that wasn't all bad news as the
participation rate picked up to record levels. Meanwhile, the larger than
expected headline employment gain was driven solely by part time employment as
full time employment fell. Elsewhere, underemployment edged higher.
- Markets firming up pricing re: RBA easing, with the IB strip pricing a ~65%
chance of a cut from the RBA next month at one point, now closer to 60%. Will
all come down to the balance of external factors vs. the uptick in unemployment
rate (and whether the RBA deems this to be a significant issue as it was driven
by record participation levels).
- YM last +6.5, with XM +6.0. YM/XM at 31.5, with the cash equivalent at 28.0bp.
- Bills trade 3-7 ticks higher through the reds, with the front end of the strip
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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