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JGB TECHS

(Z1) Bearish Trend Condition

AUSSIE 10-YEAR TECHS

(Z1) Bearish Price Sequence

AUSSIE 3-YEAR TECHS

(Z1) Off Recent Highs

US 10YR FUTURE TECHS

(Z1)‌‌ Support Appears Exposed

AUSSIE BONDS
AUSSIE BONDS: Bond futures continue to trade off of the early lows, after the
softer than exp AU building approvals data lent support. YM last 1.5 ticks lower
on the day, with XM 4 ticks lower. YM/XM trades 1.5 steeper at 52.5, with the
cash 3-/10-Year yield differential last 49.5bp. The AU/U.S. 10-Year yield spread
trades at -39.4bp.
- Fitch highlighted that a slowdown in the global economy will soften exp.
Aussie federal revenues & may force the gov't to loosen its purse strings, which
would ultimately stop the gov't from reaching a return to a budget surplus next
year, - Bills trade unchanged to 2 ticks lower at writing. IB flow has garnered
more interest, than the bill space, with 12.0K IBF9 & 10.0K IBG9 changing hands
as buyers drove flow, although both contracts trade unchanged on the day.
- IFC launched a minimum A$200mn tap of its 2023 line at swaps ~+40.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com