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AUSSIE BONDS: The space continues to operate around Friday's closing-slightly
lower levels, although a solid auction of a 10-Year Bond basket constituent has
helped to underpin the space.
- The latest auction result isn't all that surprising given the recent run of
strong results in the auctions of the shortest Bond in the 10-Year futures
basket, which has now spread into the longest line eligible for delivery. Such a
solid auction result suggests little worry surrounding the chances of a stronger
than expected Australian CPI result tomorrow.
- The domestic 3-/10-Year yield differential last trades 1.9bp steeper at
58.9bp, while the AU/US 10-Year yield spread sits 1.0bp wider at -11.0bp.
- 3-Month BBSW fixed unchanged today which has provided a degree of support to
the front Bill contract, which trades a tick lower, while the remainder of the
white & red contracts trade 2-4 ticks lower.
- Focus falls on tomorrow's domestic CPI release & an address from RBA's Kent.