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Bear Steepening; Futures Notch Fresh Multi-Week Lows


ACGBs moved lower in early Sydney trade, alongside a marginal cheapening in U.S. Tsys, adding to the impetus that was derived from the overnight bear steepening in the Tsy space. Elsewhere, comments from San Francisco Fed Pres Daly provided little in the way of fresh insight (details fleshed out elsewhere).

  • Cash ACGBs run 10.5-16.0bp cheaper across the curve, bear steepening. YM is -12.0 and XM is -16.0, with both contracts showing through their respective overnight troughs and recording fresh three-week lows at typing, while Bills run flat to 14bp cheaper through the reds.
  • Results from the latest round of A$700mn ACGB Sep-26 supply will cross at the top of the hour, with the AOFM’s weekly issuance due an hour after.

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