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10Y Yield Testing 4% Resistance

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US lead the way lower

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Sees upside continuation

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AUSSIE BONDS
AUSSIE BONDS: Futures finished just shy of session highs as the lead contracts
registered fresh YtD highs, supported by broader risk aversion in play during
the session. 3-/10-Year cash differential 1.5bp flatter at 52.5bp, with the
XM/YM spread at 51.5, a touch steeper on the day.
- Buyers noted again in the IB space today following yesterday's soft GDP data
as economists sound more cautious on the prospect of RBA hikes/push back hiking
expectations. Market pricing a 55% chance of the Bank staying on hold through
2019, with some marginal probabilities of a cut creeping into the OIS space.
Notable activity in IBK9 after a >5.0K lift at 98.520, with the '19 IB contracts
settling at 98.505 or above.
- Bill strip flatter, front end under some modest pressure, whites and reds
settled 2 ticks lower to 5 ticks higher, extending recent flattening, with flow
skewed that way during the session. 3-Month BBSW fixed 1.0bp higher today, after
3-Month USD LIBOR jumped ~2.7bp Wednesday. 57-day repo ops conducted at 2.06%,
with year-end funding in focus.
- Eyes on an address from RBA Deputy Gov. Debelle in the London morning.
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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