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Futures moved higher from the open,....>

AUSSIE BONDS
AUSSIE BONDS: Futures moved higher from the open, but closed off of session
highs, up 11 ticks at 150.87, as technical resistance came in to play.
- JGBs were supported by a stronger JPY & risk aversion, which weighed on the
Nikkei 225.
- The short end continued to underperform, although shorter dated yields did
manage to edge lower in afternoon dealing.
- The offer to cover ratio in the 10-25 Year Rinban operations was broadly
stable, while the average spread moved further in to negative territory i.e.
above market price, while the offer to cover ratio in the 25+-Year bucket ticked
higher which added some pressure to the super-long end in afternoon dealing.
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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