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Drifting Lower

AUSSIE BONDS

Aussie bonds generally drift lower in the wake of the firmer than expected official PMI readings out of China, with light pressure applied to U.S. Tsys and JPY weakness seen (although much of the JPY movement surrounded the end of FY flows in Japan, as flagged elsewhere), with little in way of support seen from the previously flagged "modest" month-end extension for local bond market indices. A reminder that today's ACGB Nov '31 supply wasn't the firmest in pricing terms but was still smoothly absorbed. YM -1.0, XM -4.0. the 10- to 12-Year zone of the curve underperforms in cash ACGB trade.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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