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Aussie bond futures fell afoul of pressure on U.S. Tsys during overnight trade. Fed Chair Powell backed a 25bp increase at the March FOMC meeting, while he noted that he was open to deploying 50bp rate hikes moving forwards, if inflation doesn’t cool. Elsewhere, equity markets found a bit of a base during European hours, before rallying, while higher oil prices also applied pressure to bonds. Both YM & XM showed lower at the Sydney open, but now operate a little above their respective early trough, YM last -11.5, while XM is -9.0.

  • Building approvals and trade balance data headline the domestic docket on Thursday. Chinese Caixin services PMI data could also impact the space (a reminder that both of the official Chinese PMI readings and the Caixin m’fing PMI topped expectations earlier this week).
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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