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JGB TECHS

(Z1) Bearish Trend Condition

AUSSIE 10-YEAR TECHS

(Z1) Bearish Price Sequence

AUSSIE 3-YEAR TECHS

(Z1) Off Recent Highs

US 10YR FUTURE TECHS

(Z1)‌‌ Support Appears Exposed

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Westpac note that "the month of June saw a significant amount of nominal corporate pay-side flows and was the first month since March that the amount transacted was greater than average. Given that July flows fell back below average, does this mean that a significant pay-side consideration has now been removed from the market and as a driver of swap spreads? Probably not, as the fall in rates across the swap term structure is likely to be encouraging to those who could still renew or extend their hedges."

  • "Over the 6 months to October, potential pay-side hedges are the largest in many years. So that has the potential to support wider swap spreads over coming months."