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Bull Flattening


Aussie bonds have backed away from early session highs as the richening impetus from Friday’s move in longer dated U.S. Tsys has moderated (cash Tsys sit marginally cheaper vs. early levels), with little by way of notable macro headline drivers observed. Cash ACGBs run flat to 4.5bp richer across the curve, bull flattening. YM is unchanged, back from best levels after failing to better its overnight high, while XM is +4.0, back from a brief look above its own overnight peak. Bills run flat to 4 ticks cheaper through the reds.

  • Aussie bonds blipped higher initially on the release of Japanese GDP that broadly missed expectations (amidst marginal upward revisions to June’s print), but ultimately failed to record anything in the way of a meaningful, lasting move.
  • Chinese economic activity data is due in just over an hour (retail sales, industrial production etc.) and may provide a point of interest for Sydney participants amidst a lack of domestic data releases, with focus expected to quickly turn to the release of the RBA’s August meeting minutes tomorrow.

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