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T-Notes Creep Higher, ACGBs Await Action From Australia Team

BOND SUMMARY

T-Notes have inched higher, with the aforementioned antitrust sources piece ran by BBG and perhaps some profit taking after the sell-off in NY hours providing some light support. The contract last deals -0-02 at 138-27+, with cash Tsy yields sitting 0.2-1.5bp lower across a flattened curve. Eurodollar futures trade unch. to +0.5 tick through the reds.

  • JGB futures have been offered, extending overnight losses, and last trade at 151.91, 17 ticks below settlement. Cash JGB yields sit higher across the curve, with 30s underperforming ahead of today's auction of that tenor.
  • In Australia, YM -0.5 & XM -3.0 as we type, with Tsy dynamics offering some support in the Asia session. Cash ACGB curve has bear steepened, with yields trading 0.9-9.3bp higher. Bills trade unch. to -1 tick through the reds. Australian ANZ job ads rebounded in Sep, while Aug trade surplus fell short of exp. amid a surprise uptick in imports and above-forecast decline in exports, but the main focus today falls on the monetary policy decision from the RBA and the announcement of FY20/21 federal budget.

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