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Overnight Twist Flattening Extends

AUSSIE BONDS

5-Year ACGB yields have risen by ~6.0bp in early cash trade, with the overnight twist flattening in futures extending a little. YM is now sub-99.00 (above 1.00% in implied yield terms) which will be exacerbating pressure, trading -6.0, while XM is +0.5. The market is a little jumpy ahead of CPI (see earlier bullet for more colour on market positioning developments in recent weeks).

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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