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AUSSIE BONDS: Westpac note that "while we spend a lot of time focusing on market
price action from a technical perspective, it is often worthwhile examining the
markets responses to the broad data pulse and to surprises within the ongoing
high frequency data set... U.S. data has been positively surprising relative to
forecasts for some time, however 10yr bond yields have barely responded at all
and remain at the lower end of their recent range. That is likely largely as a
result of the surge in COVID cases and mortality rates that suggest the next few
months will see the US face significant economic difficulties. With that in mind
it is certainly difficult to build a bearish case for USTs at present." In
Australia, "the 3yr bond yield is now largely unchanged due to its anchoring by
the RBA, and the data pulse looks like it may have peaked. If so, the RBA may be
more comfortable allowing the bond yield to respond to the data and tick down
the couple of points that would take it off the markets radar for now."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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