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Extending Move From Early Cheaps

AUSSIE BONDS

Aussie bonds have continued their rise off early cheaps, with cash ACGBs running 2-5bp cheaper across the curve, bear flattening. YM and XM are -2.0 and -3.5, respectively, operating a little below their session highs, while bills run 2 to 9 ticks lower through the reds, bear steepening.

  • Australia’s monthly trade balance data for May failed to elicit much of a reaction in ACGBs, with the trade surplus widening to A$16.0bn (BBG median A$10.8bn), as both the export and import readings topped expectations.

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