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AUSSIE 10-YEAR TECHS

(H1) Fragile Outlook

US TSYS SUMMARY

Curve Lower, Flatter as Yields Reverse Off Cycle Highs

US TSY/RECAP

Yield Curve Update

STIR FUTURES

Eurodollars Futures Snapshot

USDCAD TECHS

Consolidating

AUDUSD TECHS

Probes Key Support

AUSSIE BONDS
AUSSIE BONDS: The curve has flattened, with futures following Tsys higher on
SYCOM, and operating just shy of early session highs last. 10-Year future
outperformance on the flattener saw the contract briefly trade through
Thursday's session high. YM last trades unch., with XM +2.0 tick, YM/XM sits at
48.5, with the cash equivalent at 47.0bp.
- The U.S.-China trade talks yielded little firm progress, but tones were
generally warm, although U.S. TR Lighthizer noted that there is still much to
do. Trump tweeted that there will be no firm deal until he meets with Chinese
counterpart Xi, which was proposed by Chinese representatives. Trump also wants
"a big trade deal" or it will be postponed. Xi stressed that he hopes that both
sides can meet each other half way. There is talk of up to 2 meetings between
the superpowers in the pipeline ahead of the Mar 1 tariff deadline. IP matters &
ind. subsidies remain key stumbling blocks, as well as enforcement of any deal.
- Bills +1-2 ticks across the whites & reds. RBA repo ops saw $1.25bn worth of
20-Day ops dealt at 2.037%, with $1.095bn worth of 49-Day ops dealt at 2.031%.
- Immediate focus on 2037 Bond supply & the weekly AOFM issuance schedule today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com