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AUSSIE BONDS: Westpac note that "at 97.91 3yr bond futures are now back in the
middle of their broad 97.70-98.05 trading range, having rebounded quickly off
the recent lows. That limits the ongoing directional impetus. Although we remain
marginally positive for this week, we would not expect much new risk to be put
to work at these levels. 10yr yields have retraced their recent underperformance
but will take their lead from USTs. Last week's combination of higher yields and
long-dated ACGB supply kept a degree of steepening pressure on the curve,
pushing the 3-10yr futures spread above 60bps. We think that will be short-lived
and a move back into the 50-60bp range is likely. We expect the AU curve will
not get too far "out-of-sync" with US outcomes, where we see the curve
continuing to flatten. So we would be entering flatteners in the 3-10yr futures
spread around current levels."