A Little Off Best Levels
A tight range observed in YM, with that contract operating around its overnight peak, +5.0, while XM has looked to the modest downtick in U.S. Tsys, printing +4.0. Wider cash ACGBs run 2.0-4.5bp richer across the curve, with the 3- to 5-Year zone reading the rally. EFPS are little changed on the day. A slightly wider than expected Australian trade balance print has had no influence on the space, with the details seeing modest (unexpected) M/M falls in both imports and exports.