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The ACGB space has seen some cheapening pressure in the wake of the firmer than expected NZ Q2 GDP print from across the Tasman, with the release revealing a stronger than expected pre-COVID breakout starting point for the NZ economy. YM -1.3 & XM -3.9 at typing. Futures have had a look through their respective overnight lows, although there hasn't been much follow through, with participants clearly a little wary ahead of the release of the domestic labour market report, which is scheduled to hit in just under an hour (see earlier bullets for more colour on that release).