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Reporting on key macro data at the time of release.
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Curve flattening holds, with YM -0.5 and XM +3.0, with the latter a little off of best levels, although there is no outright sign of hedging pressure around SAFA's '34 issuance as of yet.
- The latest NAB business survey saw an uptick in the confidence metric, although the current conditions index moderated, with the survey collator noting that "given conditions remain above average, notwithstanding the fall this month, and lead indicators continue to trend higher, the survey continues to point to an ongoing recovery."
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