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With the U.S. out on holiday...........>

AUSSIE BONDS: With the U.S. out on holiday Monday's SYCOM session proved very
- YM & XM last trade at unchanged levels. YM/XM trades at 45.00, with the cash
equivalent at 44.6bp.
- The Bill strip trades unchanged to 1 tick higher through the reds. Focus
continues to fall on the 3-Month BBSW fixings, with another ~2bp fall today,
also worth noting that the 3-Month USD LIBOR fixing tumbled by ~4.0bp on Monday.
RBA repo ops saw A$1.37bn worth of 13-Day operations dealt at an average of
- Focus today moves to the RBA's Feb meeting minutes, although not much is
expected, after the recent raft of RBA speak and formal acknowledgement that the
outlook for the cash rate looks more evenly balanced.
- Wage data, due tomorrow, and the monthly labour market data, due Thursday,
will likely provide more interest.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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