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Biased Lower

AUSSIE BONDS

An uptick in e-minis and the reaction of onshore participants to Monday’s cheapening in EGBs & Gilts has biased the ACGB space lower since the re-open, as participants setup for today’s RBA decision. This leaves YM -6.0 and XM -4.5 at typing. Wider cash ACGB trade sees 20- & 30-Year paper running ~4bp cheaper on the day. EFPs are marginally wider on the session. Bills run 6-10bp cheaper through the reds, bear flattening. Note that the IR strip hasn’t been able to escape the deepening inversion that has gripped core short-end curves in recent sessions, with the IRH3/H4 spread printing as low as -31bp in the last few days (last -25bp).

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An uptick in e-minis and the reaction of onshore participants to Monday’s cheapening in EGBs & Gilts has biased the ACGB space lower since the re-open, as participants setup for today’s RBA decision. This leaves YM -6.0 and XM -4.5 at typing. Wider cash ACGB trade sees 20- & 30-Year paper running ~4bp cheaper on the day. EFPs are marginally wider on the session. Bills run 6-10bp cheaper through the reds, bear flattening. Note that the IR strip hasn’t been able to escape the deepening inversion that has gripped core short-end curves in recent sessions, with the IRH3/H4 spread printing as low as -31bp in the last few days (last -25bp).