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Light Twist Steepening In Holiday-Thinned Trade

AUSSIE BONDS

Aussie bond futures have oscillated around early Sydney levels, with twist steepening pressure evident (vs. Friday’s settlement levels) as global equities trade defensively and with oil futures pushing higher. YM last prints +1.0 & XM is -2.0, with liquidity impaired by state holidays in NSW & ASW, which have resulted in the closure of cash ACGB trade. Bills run flat to -3 through the reds.

  • Given the lack of meaningful headline flow and limited liquidity focus remains squarely on tomorrow’s RBA decision. For more detail on that see our earlier bullets (a reminder that our full preview of that event will be published in the coming hours).
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Aussie bond futures have oscillated around early Sydney levels, with twist steepening pressure evident (vs. Friday’s settlement levels) as global equities trade defensively and with oil futures pushing higher. YM last prints +1.0 & XM is -2.0, with liquidity impaired by state holidays in NSW & ASW, which have resulted in the closure of cash ACGB trade. Bills run flat to -3 through the reds.

  • Given the lack of meaningful headline flow and limited liquidity focus remains squarely on tomorrow’s RBA decision. For more detail on that see our earlier bullets (a reminder that our full preview of that event will be published in the coming hours).