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As mentioned elsewhere, risk-off.......>

BOND SUMMARY: As mentioned elsewhere, risk-off flows dominated the early part of
the session after the U.S. labelled China a currency manipulator, but the PBoC
fixing USD/CNY sub-7.00 and announcing the issuance of offshore CNH bills in
Hong Kong stemmed some of the worry, with global core FI unwinding the early bid
as we moved through the Asia-Pacific session
- T-Notes last -0-02+ at 129-24+, with the curve bear steepening, after the
early bull steepening gave way. Eurodollar futures trade 0.5 tick higher to 1.0
tick lower through the reds.
- JGB futures deal 5 ticks lower on the day, with a sloppy 30-Year auction
helping to extend twist flattening of the cash curve.
- In Australia, YM deals -2.5 with XM -1.5, leaving the curve a touch flatter on
the day as YM/XM deals at 35.5 ticks and the cash space plays catch up after the
elongated holiday. Bills trade 1 tick higher to 4 ticks lower through the reds.
The RBA decision is due shortly.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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