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Fading Off Key Resistance

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Steepening Pressure Remains Evident

AUSSIE BONDS

Overnight lows have held for both YM & XM thus far, with futures searching for some clear direction in early Sydney dealing, leaving YM -2.5 & -6.5 at typing. Cash ACGBs run 1.0bp richer to 8.5bp cheaper, with twist steepening in play as the super-long end reacts to the steepening witnessed in core global FI markets on Tuesday.

  • Impending ACGB Nov-33 supply and bear steepening on the JGB curve may also be applying some pressure to longer dated paper.
  • Bills run -2 to +2 through the reds.
  • The 3-/10-Year EFP box has steepened a touch, with 3-Year EFP tightening and 10-Year EFP flat, after a run of bull flattening in recent sessions.
  • A reminder that retail sales data headlines the domestic docket today.
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Overnight lows have held for both YM & XM thus far, with futures searching for some clear direction in early Sydney dealing, leaving YM -2.5 & -6.5 at typing. Cash ACGBs run 1.0bp richer to 8.5bp cheaper, with twist steepening in play as the super-long end reacts to the steepening witnessed in core global FI markets on Tuesday.

  • Impending ACGB Nov-33 supply and bear steepening on the JGB curve may also be applying some pressure to longer dated paper.
  • Bills run -2 to +2 through the reds.
  • The 3-/10-Year EFP box has steepened a touch, with 3-Year EFP tightening and 10-Year EFP flat, after a run of bull flattening in recent sessions.
  • A reminder that retail sales data headlines the domestic docket today.