XM Off Lows, Heavy Risk Docket Eyed

XM ticked away from early lows, allowing the space to flatten at the margins, and there was little in the way of retracement, with YM closing unchanged and XM settling +0.5.

• As mentioned earlier, the market was willing to look through domestic PMI data, and indeed the firmer than expected Chinese m'fing PMI print, while the remainder of the local data slate was mixed. ANZ job ads and building approvals data firmed, while Melbourne Institute inflation data softened.
• A firm A$1.5bn ACGB 0.25% 21 November 2025 auction was seen, with the bond falling in the proverbial sweet spot of the potential 5-10 Year RBA purchase scheme that could be outlined tomorrow.
• Aussie 10s tightened vs. U.S. 10s ahead of tomorrow's RBA decision.
• Bills finished unchanged to -1 through the reds.
• There is plenty of local and international risk on the docket this week. For the former, the latest RBA decision and SoMP headline (with a broad round of monetary easing expected, our full preview should be published during the London morning), with the U.S. election & subsequent FOMC decision set to dominate elsewhere.