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Curve off earlier/overnight flats,.....>

                                            AUSSIE BONDS: Curve off earlier/overnight flats, with XM softening from best
                                            levels in early Sydney trade, alongside U.S. Tsys, even as regional equity
                                            markets and U.S. equity index futures trade lower in early Asia.
                                            - YM +1.5, XM +7.0, still leaving the curve comfortably flatter on the day after
                                            the space took impetus from Tsys overnight.
                                            - Bills unchanged to +1 through the reds, overnight cash rate edged lower to
                                            0.16% today, as flagged earlier, with ES account surpluses rebounding after
                                            yesterday's ACGB maturity related dynamics.
                                            - The labour market report headlines the local docket today, with SEEK's weekly
                                            job ads data painting a pretty grim picture ahead of the release, and the
                                            worsening dynamics of global labour markets evident. The bad news? March's print
                                            is unlikely to be the worst of what lies ahead.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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