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AUSSIE BONDS

Aussie bonds continue to trade to the beat of the wider macro drum, with a lack of idiosyncratic drivers evident in early Sydney dealing. The previously outlined COVID case-related headlines surrounding China, and to a lesser extent, North Korea, have allowed the early Sydney bid to extend, leaving YMM2 +5.5, breaking through its overnight highs, while XM is +9.0. Cash ACGB trade sees a fairly parallel 8.5-9.5bp of richening in the 10+-Year zone. EFPs are little changed on the day, while the IR strip runs -1 to +6 through the reds, twist flattening.

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Aussie bonds continue to trade to the beat of the wider macro drum, with a lack of idiosyncratic drivers evident in early Sydney dealing. The previously outlined COVID case-related headlines surrounding China, and to a lesser extent, North Korea, have allowed the early Sydney bid to extend, leaving YMM2 +5.5, breaking through its overnight highs, while XM is +9.0. Cash ACGB trade sees a fairly parallel 8.5-9.5bp of richening in the 10+-Year zone. EFPs are little changed on the day, while the IR strip runs -1 to +6 through the reds, twist flattening.