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Limited Uptick In Wake Of NZ Data Fades

AUSSIE BONDS

Softer than expected headline labour market data out of New Zealand, including an unexpected 0.1ppt uptick in the unemployment rate alongside softer than expected employment growth and a downtick in participation (although we also note that wage growth was firmer than expected) allowed Aussie bond futures to move away from their respective overnight troughs, although the move has faded from best levels as Tuesday’s broader forces re-assert themselves. That leaves YM -14.0 & XM -13.0, while cash ACGBs run 9-13bp cheaper across the curve, with the belly leading the weakness.

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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