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Light Bid Post-Jobs Data

AUSSIE BONDS

A light bid for the space post-labour market data, perhaps on the back of the part-time driven nature of the headline employment gains and fall in hours worked (with the latter not as bad as initially thought, owing to the previously outlined annual leave and COVID case dynamics). The bid in YM & XM has pared back a little, perhaps on a realisation that the hours worked metric isn’t as negative as at it seemed at first glance, leaving YM & XM +2.0 and +0.5, respectively. The cash ACGB curve has bull steepened, with longer dated ACGBs essentially flat on the day at typing.

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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