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AUSSIE 3-YEAR TECHS

(Z2) Fades Into Weekly Close

AUSTRALIA DATA

Labour Market Focus This Week

FOREX

USD Finds Support In Early Trade

BONDS

NZGBs Cheaper To Start, China Matters Dominate

AUSSIE BONDS

Chinese Support For Property Sector Weighs

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US TSYS SUMMARY
US TSYS SUMMARY: The bearish shift in European bonds is translating to similar
moves in US Treasuries but the move has been more muted and the curve has only
modestly steepened (2s/10s 0.6bp higher at 43.6bp). US 10-yr Tsy yield currently
is at 2.946% up 1.8bp from Tuesday's close.
- US Tsys edged lower in Asia trade, weighed by better than expected Australian
GDP numbers and news that US Tsy Secretary Mnuchin urged Trump to exempt Canada
from the steel & aluminium tariffs.
- Tsys then extended their sell-off as European session got underway, taking cue
from sharp fall in EGBs as markets digested raft of hawkish rhetoric from ECB
Praet, Weidmann and Hansson all hinting an announcement on future of QE could be
made as early as next week.
- Eurodollar strip is lower, curve steeper as blue contracts fall 3 to 3.5
ticks, while whites are 0.5 to 2 ticks lower. US breakevens are a touch wider
but swap spreads are mixed with 30-yr 0.3bp tighter.
- Once again there is little to get excited about US data releases today, so
attention likely to be on comments on global trade and tariffs.

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