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Steeper In Holiday Shortened Trade

AUSSIE BONDS

The overnight bear steepening ultimately held/extended in a holiday shortened Sydney session, with little in the way of notable macro headline flow evident. That left YM -1.0 at the close, with XM -6.5, as the latter ticked to fresh lows into the closing bell. The move wasn't all offshore driven, with the AU/U.S. 10-Year yield spread widening by ~2bp. The cash curve ran steeper, with swaps tightening across the curve in the main. Bills finished unchanged to -1 through the reds, with 3-Month BBSW fixing unchanged, at all-time lows of 0.010%.

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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