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The trade war developments evident.....>

AUSSIE BONDS: The trade war developments evident over the last 24 hours or so,
culminating in China being labelled a currency manipulator by the U.S. Tsy, has
supported the space, and provided a curve ball for the RB as it meets to issue
its latest MonPol decision (see our full preview for further details). Although
a strong NZ labour market report from across the Tasman has seemingly allowed
the space to pare back from best levels
- YM last +0.5, with XM +2.5, leaving the curve a touch flatter than settlement
with YM/XM dealing at 35.0.
- The cash space is playing catch up after the elongated weekend, with benchmark
10-Year yields having a look below 1.00% for the first time ever.
- Bills trade 1 tick lower to 1 tick higher on the day.
- The aforementioned RBA MonPol decision headlines the local docket today, with
the latest trade balance print also due, although the broader risk
backdrop/China's response to the FX manipulator label may overshadow domestic
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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