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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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AUSSIE BONDS: Futures pressing on to fresh session highs as the lead contracts
register fresh YtD highs, supported by broader risk aversion in play during the
session. 3-/10-Year cash differential little changed at 54.0bp, with the XM/YM
spread at 52.0, 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 IB contracts
covering Feb-Oct '19 bid above 98.50 at writing.
- Bill strip flatter, front end under some modest pressure, whites and reds
trade 2 ticks lower to 5 ticks higher last, 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 |
MNI London Bureau | +44 0203-865-3809 |

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