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AUSSIE BONDS: Aussie Bonds have benefitted from safe haven flows on the back of
the latest round of U.S. protectionist measures employed against China, with
markets awaiting China's official response. It is worth noting that the space
posted highs around the same time as the USD/CNH cross topped out (for the time
being), and now operates just off of best levels.
- The AU/US 10-Year spread has narrowed to -22bp in recent sessions, aided by
the announcement of fresh longer dated AOFM issuance scheduled for next week,
but still trades only a touch above the recent cycle low. The domestic
3-/10-Year yield differential continues to trade either side of 55bp.
- The risk off flows have led to solid enough demand in the front end of the
Bill strip with the white and red contracts last trading 2-3 ticks higher,
gaining additional support after 3-Month BBSW fixed some 2.5bp lower today,
although most contracts are a tick or two off of best levels in line with Bonds.
- The remainder of the week provides little in the way of domestic risk events,
so focus is likely to remain on the global risk environment/any response to the
latest round of proposed U.S. tariffs from China.