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ACGBs Calm Down, Show No Interest In Chinese Data

AUSSIE BONDS

The initial post-NFP impetus has dissipated, leaving Aussie bonds trapped within narrow ranges. The space has shown little in the way of immediate reaction to better than expected Chinese inflation data, which applied upward pressure to Chinese government bonds.

  • The RBA offered to buy A$2.0bn of ACGBs today, with maturities of Nov'24 to May '28, but excluding ACGB Apr '27.
  • Cash ACGB curve still sits higher and runs steeper, with yields last seen +0.8-4.3bp. Futures contracts are rangebound, with YM -3.0 & XM -3.5 as we type. Bills trade 1-4 ticks worse off through the reds.
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