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Heading South




Breaches Key Short-Term Support


Late SOFR/Treasury Option Trade

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AUSSIE BONDS: YMZ8 & XMZ8 sit back from best levels after the softer than
expected GDP data propelled the contracts higher, allowing them to challenge YtD
highs based on continuation charts.
- The soft GDP print came constructive trade rhetoric from China's MOFCOM
allowed the contracts to edge back from opening levels. In BBG headlines MOFCOM
noted that "China is to push forward with U.S. trade negotiations over the 90
day period." MOFCOM stressed that the trade meeting was "very successful" and
that it is "confident that it can execute the trade talk results." More balanced
commentary from U.S. President Trump via TWTR tempered the move pre-GDP.
- Curve is back from early flats, with the 3-/10-Year cash yield differential
last ~53.0bp.
- Today saw a lacklustre auction of a XMZ8 basket bond.
- The Bill strip remains flatter, although the Reds have moved back from highs,
with the white and red contracts 1 tick lower to 4 ticks higher last, with
3-Month BBSW fixing ~0.3bp higher today. Focus on year end funding requirements.
- Focus now moves to an address from RBA's Debelle, due tomorrow.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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