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Two-Way Trade after Re-Open

AUSSIE BONDS

Aussie bond futures have come under some light pressure after the resumption of trade following the previously outlined trading halt, with the firmer than expected domestic labour market report applying the pressure. Still, the report isn’t really seen as a gamechanger for the RBA, at least not in isolation, with the Bank dialled in to labour cost dynamics and lagging developments in the labour market via its own forecasts for some time now. That has allowed the major futures contracts to stick comfortably within the confines of their respective overnight ranges, pulling back from the Sydney lows observed just after the re-open. YM -8.0 & XM -4.0 as a result. 3s provide the weak point in cash ACGB trade.

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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