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A Quick Look At RBA Pricing

STIR

A quick look at RBA pricing after the dust from the latest WPI data has settled shows that the IB strip is currently pricing ~34bp of tightening come the end of the Bank’s June decision, while the strip prices a year-end cash rate of ~2.78%. These levels represent ~3bp and ~6bp moderations from the respective hawkish extremes of the session. Note that trading in the IB strip is limited, with IBM2 seeing the most volume since yesterday’s Sydney close. Still, turnover in that contract sits at a paltry ~1.2K lots, with a mere 400 lots trading since the data release. Cumulative volume across the remainder of the strip sits at a meagre ~300 lots.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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