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Stronger Than The Sydney Open After US Tsy Futures Spike

AUSSIE BONDS

ACGBs (YM +5.0 & XM +6.5) are higher than Sydney opening levels after strengthening on the back of an earlier spike in US tsy futures. A move higher in TYZ3 was seen alongside pressure on the USD/JPY as Finance Minister Suzuki reiterated that Japan won't rule out any options to address excessive FX moves. However, that gain in US tsy futures has been subsequently pared, with cash US tsys currently sitting 1-2bps richer across the major benchmarks. TYZ3 deals at 110-06, +0-06+, a 11+ range has been observed thus far.

  • Cash ACGBs are 4-7bp richer, with the AU-US 10-year yield differential 2bp lower at -14bp.
  • Swap rates are 3-6bp lower.
  • The bills strip has seen a slight bull flattening, with pricing flat to +4.
  • RBA-dated OIS pricing is flat to 2bp softer across meetings.
  • Today the local calendar is empty.
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