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Bear Steepening

AUSSIE BONDS

Aussie bonds operate around session lows, having cheapened from the Sydney open, as Friday’s bearish impulse in core global FI market resonates during early Asia-Pac dealing.

  • Cash ACGBs run 9.5-13.5bp cheaper across the curve, bear steepening, with 10-Year yields registering the highest levels observed since 21 July in the process. YM is -11.0 and XM is -13.0, operating comfortably through their respective overnight lows. The 3-/10-Year EFP box is steeper, with 3-Year EFP little changed and 10-Year EFP wider, while Bills run 2 to 15 ticks cheaper through the reds.
  • Results from the auction of A$300mn of ACGB Jun-51 are due at the top of the hour.
  • Elsewhere, the Chinese LPR fixing (due 15 minutes after the auction) is expected to provide the main point of interest during the Asia-Pac session.
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