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Market Roundup: 2s10s Curve New Inverted Low


Expiries for Nov18 NY cut 1000ET (Source DTCC)

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AUSSIE BONDS: Aussie bond futures followed U.S. Tsys higher on SYCOM and operate
just off of best levels at writing.
- Domestic 3-/10-Year cash yield differential deals at 55bp, after trading
closer to 60bp Monday. Yields across the curve sit 1.7 to 6.3bp lower in early
- The Bill strip is running flatter, much like the Eurodollar strip Monday, with
the whites & reds trading 2 ticks lower to 3 ticks higher last.
- RBA MonPol decision provides the focal point of the docket today. Not much
expected in terms of fireworks as the Bank confronts a backdrop of a tightening
labour market, limited inflation & wage growth, moderating house prices in some
of the major AU cities and the global trade war backdrop. All of those surveyed
expect the Bank to leave the cash rate unchanged at 1.50% at its final decision
of 2018. Markets currently pricing a ~65% chance of the Bank remaining on hold
through Sep 2019 according to BBG WIRP function.
- AU current account data also due today ahead of tomorrow's GDP print.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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