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Aussie Bonds have struggled to turn....>

AUSSIE BONDS
AUSSIE BONDS: Aussie Bonds have struggled to turn bid after tracking U.S. Tsys
lower on SYCOM, with a recent bout of heavy selling orders in YMZ8 pushing the
contract below technical support, adding fresh weight to the complex. The move
has extended on the back of comments from Chinese Premier Li, who has noted that
China will not devalue the Yuan to stimulate exports.
- 3-Month BBSW fixed largely unchanged today, up a mere 0.06bp, while RBA OMO
rates hit the highest level since Mar 29, jumping to 2.178%. Quarter end
pressures seem to be playing out more in the basis & OMO space than in BBSW this
time around. The Bill strip last trades 1-7 ticks lower.
- The recent selling pressure has allowed the space to play catch-up to Tsys,
with the AU/U.S. 10-Year yield spread at ~-34bp last.
- RBA's Kent offered little fresh insight into MonPol in an address that he made
today.
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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