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Upside Capped

AUSSIE BONDS

The uptick in crude oil futures that we have flagged elsewhere, coupled with a light bid in e-minis, has seemingly capped Aussie bond futures during early Sydney dealing, with the major contracts failing to challenge their respective overnight peaks during an initial uptick, before pulling back from best levels. That leaves YM +5.5 and XM +11.0. Cash ACGB trade sees a parallel ~10.5bp of richening in the 10+-Year zone. EFPs have pushed wider on the session, with the 3-/10-Year box steepening. Bills run -1 to +5 through the reds, twist flattening.

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The uptick in crude oil futures that we have flagged elsewhere, coupled with a light bid in e-minis, has seemingly capped Aussie bond futures during early Sydney dealing, with the major contracts failing to challenge their respective overnight peaks during an initial uptick, before pulling back from best levels. That leaves YM +5.5 and XM +11.0. Cash ACGB trade sees a parallel ~10.5bp of richening in the 10+-Year zone. EFPs have pushed wider on the session, with the 3-/10-Year box steepening. Bills run -1 to +5 through the reds, twist flattening.