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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 ~-37.5bp, back from ~-35.8bp earlier in the session, with the partial
retracement putting a bottom on futures for the time being, allowing them to
tick up from lows. The aforementioned spread has moved from ~-45.0bp the back of
the back of the more guarded Fed rhetoric apparent at the back end of last week.
- Bills trade unchanged to 1 tick lower through the whites and reds.
- 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 on 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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