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Modest Pressure Early On

AUSSIE BONDS

Perhaps a little bit of pre-auction concession creeping into the space, or a bit of a local reaction to the moves seen in post-Sydney dealing, with YM -2.5 and XM -4.0 at typing, although the latter has respected the base of its overnight range after an early test. The 10- to 12-Year zone of the curve leads the way lower in cash ACGB trade, which would point to the modest pre-auction concession touted above after the catch up to overnight session moves in futures.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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