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A Touch Softer Than Early Levels

AUSSIE BONDS

Futures a little softer than in our earlier bullet with crude oil futures off lows and U.S. Tsys under some modest cheapening pressure, leaving YM unch. and XM +1.5. The long end of the cash ACGB curve sits ~2.0bp richer on the day, with no direct impact from the previously flagged slide in the cover ratio at today's ACGB Jun-51 auction (pricing at the auction was still comfortably through prevailing mids at the time of supply).

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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