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(M2) Trend Condition Remains Bearish


Firmer Overnight


Bears Remain In Control

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AUSSIE BONDS: Little to report in the space over the last hour or so after front
Bond futures struggled to follow through at/around contract highs on the early
round of risk off flows witnessed today and trade a couple of ticks or so back
from best levels last.
- Comments from the RBA's Kent hit early today. Kent noted that the Australian
economy is making some progress on unemployment and inflation but highlighted
that it is gradual. Kent also reiterated that the next move in the cash rate is
likely up but didn't rule out a cut if warranted. Kent also noted that there is
a risk that bank credit supply tightens unnecessarily and seemed worried that
banks have tightened loans to small firms.
- The YM/XM spread trades a touch flatter at 50.5, while the cash 3-/10-Year
yield differential trades ~1.8bp flatter at 51.2bp last. Tsys have outperformed
AU paper on the latest leg higher, with the AU/U.S. 10-Year spread last ~40.7bp.
- The white & red Bill contracts trade 1 tick lower to 1 tick higher at writing.
RBA conducted 65-day reverse repos at 2.082%, while 3-Month BBSW fixed 0.04bp
higher today.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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