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Goldman Sachs note that the "puzzling price action seems to be in AUD rates; fundamentals aren't as yet supportive of RBA liftoff, and over the past week, markets have moved to pricing slightly more normalisation in 2022 than in 2023. We recommend fading this pricing by pairing IRM2/M3 flatteners with EDM2/M3 steepeners - the two have co-moved strongly, and the curve spread is at the upper end of its range. From a fundamental perspective too, we think the Fed is closer to liftoff than the RBA, where current pricing appears to suggest otherwise."
- They recommended entering the proposed position at 0.03, with a stop at 0.12 and a target of -0.12.