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Off Lows; Labour Data Eyed

AUSSIE BONDS

Australian bonds are off worst levels but are still cheaper on the day at typing, as the bearish momentum derived from wider global core FI moves on Wednesday has eased from extremes. The move in ACGBs away from lows was also aided by an uptick in U.S. Tsys, in the wake of news that formal U.S.-Taiwan trade negotiations will get underway later this year (details fleshed out in earlier bullets). Cash ACGBs run 5.0-6.5bp cheaper across the curve, with the 7- to 12-Year zone leading the way lower. YM is -4.5, comfortably above its overnight trough, while XM is -7.0, back from a brief show through its own overnight low. EFPs are mixed, with the 3-/10-Year box twist steepening, while Bills run 1 to 7 ticks cheaper through the reds.

  • Looking ahead, Australian labour market data for July is due in just over 30 mins, with the BBG median estimate calling for a slowdown in headline employment gains (BBG median +25K vs. +88.4K in Jun).
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Australian bonds are off worst levels but are still cheaper on the day at typing, as the bearish momentum derived from wider global core FI moves on Wednesday has eased from extremes. The move in ACGBs away from lows was also aided by an uptick in U.S. Tsys, in the wake of news that formal U.S.-Taiwan trade negotiations will get underway later this year (details fleshed out in earlier bullets). Cash ACGBs run 5.0-6.5bp cheaper across the curve, with the 7- to 12-Year zone leading the way lower. YM is -4.5, comfortably above its overnight trough, while XM is -7.0, back from a brief show through its own overnight low. EFPs are mixed, with the 3-/10-Year box twist steepening, while Bills run 1 to 7 ticks cheaper through the reds.

  • Looking ahead, Australian labour market data for July is due in just over 30 mins, with the BBG median estimate calling for a slowdown in headline employment gains (BBG median +25K vs. +88.4K in Jun).