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AUSSIE BONDS: A limited session for the space. YM last deals 1.0 tick lower,
with XM last seen 2.0 ticks lower. YM/XM trades at 41.0 ticks, with the cash
equivalent at 39.8bp. Yields are mostly a touch lower, playing catch up after
gyrations seen post-NFP & during the market holiday observed on Monday.
- The NAB business confidence metric rose to 7 in May from 0 back in April,
seemingly boosted by the result of the Federal Election. Also worth noting that
the employment sub-metric moved back into positive territory after turning
negative in April (that was the first negative print for the sub-metric since
2016). Also worth flagging that the NAB survey suggested that "at current
levels, and based on historical relationships, the survey suggests that
employment will likely grow around 18k per month, over the next 6 months. With
ongoing strength in population growth, this rate of employment demand is
unlikely to see further reductions in the unemployment rate."
- Focus tomorrow turns to Westpac consumer confidence & comments from RBA Asst
Govs Kent & Ellis.