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The initial RBNZ cut induced knee......>

AUSSIE BONDS
AUSSIE BONDS: The initial RBNZ cut induced knee jerk higher in XM was limited by
yesterday's high, with the move retracing since, while YM also pulled back to
pre-RBNZ levels, sticking well within yesterday's wide range.
- The latest 10-Year basket auction had little impact on futures, with the same
holding true for the latest round of Chinese trade data.
- YM last +3.5 ticks with XM +4.5 ticks as the post-RBA flattening holds. YM/XM
last at 48.0 ticks, with the cash equivalent at 44.0bp.
- Bills trade 1-3 ticks higher through the reds, showing little sensitivity to
the move higher in BBSW fixings & RBA repo rates after the space sold off in the
wake of yesterday's RBA MonPol decision.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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