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Wider Market Moves, Payside Flows & Data Help Space Off Highs

AUSSIE BONDS

The aforementioned uptick from lows in both the major equity indices and oil prices has applied some modest pressure to the ACGB space, with a delayed reaction to the record Australian trade surplus (which came about as both exports and imports topped expectations in May) also factoring in, pushing the space away from richest levels of the session. That leaves YM & XM -5.5 on the day at typing. EFPS have continued to push wider, which suggests that payside swap flows have aided the cheapening away from session highs, while wider cash ACGB trade has seen a fairly parallel 4.5-6.0bp of cheapening across the major benchmarks. Bills sit 4-13bp cheaper through the reds, bear steepening.

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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