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YM and XM trade back to unchanged......>

AUSSIE BONDS
AUSSIE BONDS: YM and XM trade back to unchanged levels on the back of the RBA's
May meeting minutes which noted that "members considered the scenario where
there was no further improvement in the labour market in the period ahead,
recognising that in those circumstances a decrease in the cash rate would likely
be appropriate."
- Markets had already digested as much in the wake of the latest labour market
report, given the RBA's focus on the labour market combined with the uptick in
unemployment, underutilisation and underemployment in March & April. Lowe's take
due at 04:10 London will be key, especially in light of the ARPA proposal.
- OIS pricing of a June cut back up to 58% at writing. Bills unchanged to 2
ticks lower through the reds.
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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