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Off Of Lows, Flattening Holds

AUSSIE BONDS

The early bear flattening has held, with ACGBs moving off of cheapest levels of the Sydney session alongside a similar move in U.S. Tsys as participants continue to adjust to Thursday’s notable cross-asset swings and firmer than expected U.S. CPI data.

  • That leaves YM -8.5 & XM -1.0, with wider cash ACGB trade seeing the major benchmarks run flat to 8bp cheaper across the curve.
  • A well-received round of ACGB Apr-27 supply would have helped the bid in the background.
  • EFPs are touch wider on the day, with the 3-/10-Year box flatter at the margin.
  • Bills are 7-12bp cheaper through the reds.
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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