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Cheapening Continues

AUSSIE BONDS

YM and XM have taken out their respective overnight lows (as flagged earlier) with little to counter Tuesday’s cheapening pressure.

  • YM is -9.0, with XM -7.5 last, while cash ACGB trade sees the super-long end of the curve run ~6bp cheaper on the session.
  • EFPs are wider, with the 3-/10-Year box flattening.
  • Bills are 5-9 ticks cheaper through the reds, with little reaction to the latest 3-month BBSW fixing, which set ~2.8bp higher. Note that the cheapening in the bond space had already shifted Bills lower pre-fixing.
  • An uptick in the weekly ANZ-Roy Morgan consumer confidence print (although the index was still comfortably below 100.0) and firm Westpac leading index reading have had little impact on the space.
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YM and XM have taken out their respective overnight lows (as flagged earlier) with little to counter Tuesday’s cheapening pressure.

  • YM is -9.0, with XM -7.5 last, while cash ACGB trade sees the super-long end of the curve run ~6bp cheaper on the session.
  • EFPs are wider, with the 3-/10-Year box flattening.
  • Bills are 5-9 ticks cheaper through the reds, with little reaction to the latest 3-month BBSW fixing, which set ~2.8bp higher. Note that the cheapening in the bond space had already shifted Bills lower pre-fixing.
  • An uptick in the weekly ANZ-Roy Morgan consumer confidence print (although the index was still comfortably below 100.0) and firm Westpac leading index reading have had little impact on the space.