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Marginally Extend Early Gains, Oct Employment Due Tomorrow

AUSSIE BONDS

ACGBs sit 11-14bps richer across the major benchmarks, the belly is marginally outperforming. XM (+0.1500) and YM (+0.120) have ticked higher through the session.

  • The early bid seen after the post-CPI richening in Tsys spillover into the wider space held through the session with ACGBs ticking marginally higher in the afternoon.
  • RBA dated futures are steady, a terminal rate of 4.45% is seen in June 24 with ~15bps of cuts by Dec 24.
  • There was little reaction to the Australian Q3 Wage Price Index which came in at expectations (1.3% Q/Q).
  • Due tomorrow is the October Labour Market Report, the headline unemployment rate is expected to tick higher to 3.7% from 3.6%.

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