YM & XM operate around the levels seen shortly after the Sydney re-open, with bull flattening remaining at the fore on the YM/XM curve after Wednesday’s moves in wider global core FI markets. ACGBs run 10-19bp richer across the curve, with 10s outperforming, akin to the move in U.S. Tsys on Wednesday. EFPs are essentially flat. Bills run 2-16bp richer across the curve.
- Participants await the previously outlined local data releases of note, due in ~30 mins. A reminder that the monthly CPI readings could be quite noisy given their structuring.