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Sluggish trade for Aussie bonds,.......>

AUSSIE BONDS
AUSSIE BONDS: Sluggish trade for Aussie bonds, yields lower across the curve
seeing some bull flattening. After short end made some gains alongside UST's in
the wake of FOMC Mins Aussie bonds dipped at the start of SFE trade before
recovering as the ASX 200 saw a bout of profit taking which knocked the index
from highs of 6102 to lows of 6076, sources noting some black box selling above
the 6100 level.
- Aussie data early in the session was ignored, CBA Services PMI rose to 55.1 in
December from 54.0 previously, highest in 5 months, while the headline rose
employment and business expectations both dropped. AiG Services PMI was also
released coming in at 52.0 in Decemer from 51.7 but again the breakdown saw
several subcomponents drop, including sales, wages and selling prices. Market
looks ahead to November trade balance figures tomorrow.
- 3-/10-Year spread 1.5bp tighter at 66.4bp. 
- Some evidence of higher inflation expectations from Australia keeping bonds
subdued as 10-Year breakevens rise to just shy of 2%, highest since February.
MarketsFixed Income Bullets
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