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Stronger than exp. AU GDP data.........>

AUSSIE BONDS: Stronger than exp. AU GDP data weighed on the AU Bond space,
allowing 3-Year yields to trade back above 2.00%, last 2.013%, although the move
was likely limited as the breakdown of the GDP print revealed that growth was
driven mainly by households, with sustainability in doubt given the dip into
savings to support expenditure amid slowing income growth.
- The domestic 3-/10-Year cash yield differential has printed either side of
55bp during the session, while the selloff in AU paper outpaced Tsys, leaving
the AU/U.S. 10-Year yield spread at ~33.5bp last.
- The Bill strip has largely tracked Bonds and last trades 1 tick higher to 3
ticks lower, with IRU8 & IRZ8 outperforming, leaving the strip steeper on the
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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