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A tight start to SFE trade, with.......>

AUSSIE BONDS: A tight start to SFE trade, with eyes on local risk events.
- The minutes from the RBA's most recent MonPol decision are due to be released.
As a reminder, the Bank left the cash rate unchanged earlier this month. The
minutes will likely aim to strike a balance between leaving the door open for
further cash rate cuts (allowing the recent rate cuts and fiscal stimulus to at
least partially work their way through into the economy) and what Governor Lowe
has previously described as the economy reaching "a gentle turning point". The
IB strip currently prices 23bp of further easing by year end.
- Elsewhere, Australian Q2 house price data (viewed as outdated owing to recent
dynamic shifts in the Australian housing market on the back of the RBA cuts and
regulatory moves) will hit.
- YM +1.5, XM +2.0. YM/XM deals at 30.0, with the cash equivalent at 26.9bp.
- Bills trade 1-2 ticks lower through the reds.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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