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It has been a relatively lacklustre....>

AUSSIE BONDS
AUSSIE BONDS: It has been a relatively lacklustre SFE session after Aussie Bonds
followed the global fixed income space lower on SYCOM in the wake of the U.S.-EU
trade talks, with the longer end underperforming on the move, as 10-Year futures
yesterday's gains.
- Bond futures have ticked slightly higher thus far on Thursday, although the
domestic 3-/10-Year yield differential still sits around 2bp steeper at ~58.5bp
on the back of the long end's underperformance, while the AU/U.S. 10-Year yield
differential has moved back out to -27.0bp as AU bonds outperform Tsys.
- Looking at the short end, the Bill strip is trading broadly unchanged after
3-Month BBSW fixed 0.1bp lower, while the short tenor repos in play today saw
rates drift lower.
- Traders now look to next week's Jun/Q2 retail sales release followed by the
RBA decision on 07 August, as well as the AOFM issuance schedule for next week.
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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