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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: Bonds trade a tick or so back from session lows, with 3-Year
futures last at 97.890 (-3.5 ticks) & 10-Year futures at 97.210 (-6.0 ticks).
- The Aussie 3-/10-Year yield differential last trades 1.0bp steeper at 71.4bp,
with the benchmark Aussie 10-Year yield back above 2.80%, trading at 2.806%
(+6.2bp), while the AU/US 10-Year spread has narrowed to 8bp there or
thereabouts (+1.8bp).
- Sellers have been active in the front end of the bill strip, as focus is cast
over funding pressures; the bank bill fixing was 2.5bp higher today, 3/4 of the
big banks approach HY-end in March and repo rates grind higher. The white & red
bill contracts are 2-3 ticks lower as a result.
- The RBA decision in a little over 1 hour away is being viewed as a virtual
non-event, with many viewing the rhetoric surrounding the recent trade tariff
language out of the the US as the only area for any possible variation.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com