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Bullish Price Structure


Key Support Still Exposed

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AUSSIE BONDS: The curve is running a little steeper as 10-Year paper
underperforms, the AU 3-/10-Year cash spread is back above 60bp, while the
pressure in longer dated paper/futures may have come about on the back of the
AU/U.S. 10-Year yield spread moving to levels not seen since late September,
last ~-36.5bp, back from ~-35.8bp earlier in the session.
- Bills trade on low volume, with the whites and reds unchanged to 2 ticks
- As a reminder, the RBA meeting minutes saw little in the way of fresh
information, with the Bank reiterating that the next move in its cash rate is
likely to be up, and that it sees no strong case for an adjustment in MonPol.
The Bank reiterated that it is unsure about the spare capacity within the labour
market, suggesting that the unemployment rate could fall further in the
near-term, while it highlighted that real earnings had not risen for 6 years.
The Bank noted that Biz investment could top exp.
- Focus now onto RBA Gov. Lowe's address later today.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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