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Macro Flow Subdued, T-Notes Cheapen A Tad


T-Notes have pulled back from Friday highs, while sticking to a fairly tight range, amid little in the way of notable macro flow at the start to the week. The contract last sits -0-01+ at 136-31+, with e-minis pushing higher. Cash Tsy curve has bear steepened a tad, with yields last seen unch. to +1.0bp higher. Eurodollar futures trade -0.5 to +0.5 tick through the reds. Worth noting that the World Economic Forum kicks off today, with a number of political leaders & central bankers due to speak.

  • JGB futures trade at 151.92, 6 ticks above last settlement. Cash JGB curve runs marginally flatter, with 10s outperforming. The BoJ left the sizes of its 1-10 Year JGB purchases unchanged today.
  • Australian YM trades unch. & XM sits +2.0 at typing. Cash ACGB curve has bull flattened, yields last seen 0.3-2.5bp richer. Bills trade unch. to -1 tick through the reds. On the data front, preliminary trade report from the ABS showed a 16% M/M increase in exports & a 9% M/M rise in imports. Elsewhere, the RBA offered to buy A$2.0bn worth of ACGBs with maturities of Apr '25 to May '28.

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