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Hit Off Highs In Wake OF RBNZ

AUSSIE BONDS

Futures have trickled lower in the wake of the RBNZ monetary policy decision across the Tasman, with the previously outlined hawkish inferences from the contents of the resumed publication of the RBNZ's OCR track and tweaks to its forward guidance weighing on NZGBs and creating some trans-Tasman spill over. Still, cash ACGBs comfortably outperform their NZ equivalents on the day. YM -0.5, XM +1.5 last, with the cash curve seeing a similar degree of twist flattening, moving off of early session flats. Local data (in the form of stronger than expected completed construction work data for Q1 & another uptick in the Westpac leading index) did little for the space.

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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