Stronger than expected headline jobs...>

AUSSIE BONDS: Stronger than expected headline jobs growth (25.7K vs. median

15.0K) has weighed on the space, with positive revisions to the prior headline

job numbers also adding some weight.

- Looking at the report itself the strong headline was accompanied by an

expected uptick in the unemployment rate to 5.0%, from 4.9% in February.

- Worth highlighting that the participation rate also edged higher, to 65.7%,

from 65.6%, adding a further positive tinge to the print.

- While the RBA is by no means out of the woods, the stronger than expected

headline will allow them to breathe a sigh of relief, with focus now shifting to

next week's Q1 CPI print.

- YM last trades 1.5 ticks lower on the day, off of reaction lows, with XM

trading in a similar manner last -0.5 tick. Curve now sits a touch flatter on

the day, with YM/XM at 52.0 ticks and the cash equivalent at 48.1bp.

- Bills trade 1-3 ticks lower through the reds.