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AUSSIE BONDS: The space moved higher on the back of the soft Australian labour
market report, whereby the headline & the participation rate missed
expectations, with the modest rise in the number employed attributable to part
time jobs growth, as the number of full time workers fell. The prior headline
figure was revised lower, to -6.3K from +17.5K, although January's dataset was
subject to positive revisions.
- Aussie Bonds have since retraced the move, with AUDUSD ticking higher
alongside iron ore. The 3-Year Bond future last trades at 97.720 (-2.0 ticks),
while 10-Year Bond futures last trade at 97.195 (-4.5 ticks).
- The domestic 3-10 Year yield differential last trades 2.9bp steeper at 54.1bp,
while the AU/US 10-Year spread trades at -7.4bp (+1.5bp).
- 3-Month BBSW fixed unch. today, while repo rates held steady. The Bill strip
tracked Bonds, with the white and red contracts last trading 2-3 ticks lower
- Swap spreads are running tighter in the main.
- Focus now moves to next week's domestic CPI data.