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Key Support Remains Exposed


Pullback Extends, But Still Looks Corrective in Nature


FED Remains in Play Post-NFP/ISM Data

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Weaker On Wednesday


Aussie bonds were seemingly driven by cross-market flows on Wednesday, with an early U.S. Tsy-inspired bid giving way as trans-Tasman impetus from a softer NZGB complex post-NZ labour market data applied pressure, before a second round of cheapening was seen as U.S. Tsys came back from highs.

  • Some desks pointed to set up ahead of next week’s ACGB May-34 syndication as a source of pressure, but it is hard to be sure on that front, especially as the curve flattened on the day.
  • YM finished -9.0, with XM -4.5.
  • Local data was mixed vs. consensus exp., with a lack of meaningful market impetus derived from the housing finance and building approvals prints.
  • EFPs were wider all day, but pulled back from extremes, with the 3-/10-Year box steepening a touch.
  • Bills were 2-14bp cheaper through the reds at the bell, bear steepening.
  • Looking ahead Thursday’s local docket will see final services and composite PMI data from S&P Global, as well the monthly trade balance reading. Elsewhere, RBA’s Kearns, who is Head of the Bank’s Domestic Markets divison, will participate on a panel discussing the topic of “Wholesale Market Conditions and Resilience.”
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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