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JGB TECHS

(M1) Consolidating

EURJPY TECHS

Upside Extension Within Its Channel

US TSYS SUMMARY

Narrow Range Ahead April FOMC Minutes

AUSSIE 10-YEAR TECHS

(M1) Resistance Remains Intact

USDJPY TECHS

Retracing Recent Gains

AUSSIE BONDS
AUSSIE BONDS: AUCTION PREVIEW: The Australian Office of Financial Management
(AOFM) will today sell A$150mn of the 3.00% 21 September 2025 I/L Bond, issue
#CAIN407. The line was last sold on 14 May 2019 for A$150mn. The sale drew an
average yield of 0.0924%, at a high yield of 0.0975% and was covered 4.3000x.
There were 38 bidders, 12 of which were successful and 8 was allocated in full.
Amount allotted at highest yield as percentage of amount bid at that yield was
26.1%.
- 5-Year breakevens have rebounded from their all-time lows in the last few
sessions, and last hover ~12bp or so off their trough, printing around 1.30% at
writing. The extent of the RBA's easing cycle and market beliefs re: the ability
of the central bank to stoke inflationary pressures will be key to BEI price
action over the medium term. Developments re: fiscal stimulus will also be eyed
- Results due at 0200BST/1100AEST.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com