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Off Worst Levels, But Still Comfortably Lower

AUSSIE BONDS

RBA Governor Lowe's Q&A session is now finished, bonds off worst levels given there was little for the hawks to really zero in on as the consensus view is that the RBA will not roll over its yield targeting measure to ACGB Nov '24 from ACGB '24 at its July meeting. Yes there were some murmurings surrounding higher wages from Lowe, but nothing in the way of overt concern re: the matter, especially given the recent history on that front. YM -7.5, XM -7.5. EFPs printing tighter on the day, with the 10-Year variant briefly showing back below 0bp. 5s printing 10bp cheaper on the day in cash ACGB trade.

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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