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Further Away From Early Sydney Lows


The uptick in U.S. Tsys since the Asia re-open has provided some light spill over support for the ACGB space, leaving YM -9.0 & XM -8.0 at typing, with the contracts moving away from their early Sydney trough. There hasn’t been much in the way of macro headline drivers apparent since the Sydney open, while local data saw much softer than expected building approvals data and a wider than expected headline monthly trade surplus (on firmer than expected exports and softer than expected imports). Bills run 2-9 ticks lower through the reds, with IRH3 providing the weak point.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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