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Westpac write "AU bonds have been......>

AUSSIE BONDS
AUSSIE BONDS: Westpac write "AU bonds have been trading very heavily, largely in
response to global outcomes and crowded positioning. We expect that will now
slow, although technical levels will play a large part in price action. The
market is already expecting a weak GDP this week. The 3-10yr futures spread
flattening trend has reversed. The more anchored RBA policy outlook means the
curve is vulnerable to long end direction and the sell-off in USTs has seen the
curve bear steepen."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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