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Coiling

AUSSIE BONDS

Aussie bonds have operated within the confines of narrow ranges in early Sydney dealing, operating off best levels after a blip higher, with limited moves in the U.S. Tsy space and a lack of meaningful macro drivers resulting in little conviction on the part of participants (the impending ECB monetary policy decision is likely keeping participants on the sidelines as well). Cash ACGBs run 0.5-2.0bp richer across the curve, with the belly underperforming, while YM and XM are +0.5, within the lower half of their respective overnight ranges. Bills run 1 to 3 ticks richer through the reds.

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