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Overnight Moves Hold


A relatively restrained start to this week’s Aussie bond trade (broader liquidity is hampered by the U.S. Memorial Day holiday) sees futures consolidate around late overnight/early Sydney levels, with YM -2.5 & XM -1.0 at typing. The former had a brief and shallow look through overnight lows, but trade has been restrained. Cash ACGB trade sees 3s provide the weak point on the curve, siting ~3bp cheaper on the session. EFPs are incrementally wider on the session. Accordingly, Bills continue to hold narrow ranges, running 2-4bp cheaper through the reds, on light volume.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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