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Futures Away From Session Lows, But Tracking Recent Ranges

AUSSIE BONDS

Aussie bond futures have been range bound in the first part of Wednesday trade. XM sits at 95.95, -4.5, slightly above session lows. YM is at 96.35, -5 and likewise is away from session lows.

  • There has been little domestic news flow, with PM Albanese stating that the upcoming May budget will consider further cost of living relief for households. This came after internal RBA documents showing such pressures weighed on growth through the second half of 2023 (BBG).
  • In the cash ACGB space, yields are 4-6bps higher, sitting slightly below session highs.
  • The local data calendar is quiet until tomorrow's PMI revisions for Dec, but these prints are unlikely to move market sentiment. Next week delivers retail sales for Nov and CPI for Dec (Wednesday).
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