Futures within their SYCOM ranges in...>

AUSSIE BONDS: Futures within their SYCOM ranges in early SFE trade, with YM

unch. and XM +2.5.

- YM/XM trades at 22.5 with the cash equivalent at 21.3bp.

- Bills trade 2 ticks lower to 1 tick higher through the reds.

- Australian Q2 GDP data prevents the headline risk event for the region on

Wednesday. Net exports and government spending has seemingly removed a chunk of

the downside risk that was apparent on the back of the release of the other

partials, however, there is still some uncertainty heading into the release.

Median looks for +0.5% Q/Q vs. +0.4% in Q1. Consensus looks for +1.4% Y/Y, vs.

the +1.8% seen in Q1. As a reminder, the RBA SoMP looked for +1.75% Y/Y in Q2,

+1.7% in the point estimates.

- Elsewhere, there will be A$800 million of ACGB 1.50% 21 June 2031 supply.