This is a short film of a our bonds over a recent RBA announcement.

As with the June update, the RBA was expected to keep rates unchanged, but there was a small amount factored in for a cut. A ‘no change’ announcement of would therefore be ‘slightly’ price bearish.

The thing to take away is there was plenty of time for a short trade right after the announcement and while depth was thin, there were enough bids there to get short.