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AUSSIE BONDS
AUSSIE BONDS: Bonds went out around lows as markets ignored the latest
trade-based rhetoric from US President Trump, with 3-Year futures trading at
97.880 (-4.5 ticks), with 10-Year futures trading at 97.195 (-7.5 ticks).
- The RBA left its cash rate unchanged at 1.50% as exp. The RBA did not
introduce any language surrounding the recent global trade tensions & noted that
it is of the belief that "the rate of wage growth appears to have troughed". The
RBA now expects the economy to grow at a faster rate than it did in 2017,
dropping the language that economic growth will "be a little above 3.0% for the
next couple of years."
- The decision came after softer than exp. current A/c & retail sales data
earlier in the session.
- The domestic 3-/10-Year yield differential widened by 1.3bp to 71.7bp.
- The AU/US 10-Year spread narrowed to -6.2bp.
- Sellers had been active in the front end of the bill strip, as focus was cast
over funding pressures, although the front end of the strip closed off of
session lows.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com