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AUSSIE BONDS

A hard one to place the driver behind the early rally in the space, perhaps a degree of catchup vs. the overnight move in U.S. Tsys, although 10-Year ACGBs have now outperformed their U.S. Tsy counterpart by ~1bp since Tuesday's Sydney close. Headline flow has been light and we wouldn't expect such positioning ahead of the Chinese economic data, even though the Y/Y growth rates of the major metrics in that particular data suite are expected to slow. YM +2.8, XM +5.2 at typing.

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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