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ACGBs Cheaper, Curve Pivots At 10Y, China Data The Focus Today

AUSSIE BONDS
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ACGBs (YM -2.0 & XM -3.5) are cheaper today following on from moves made overnight in US treasury on Thursday following comments from Cleveland Fed President Mester and mixed US data. Today, Chinese data will be the focus, Tuesday we have Consumer Confidence and the RBA minutes.

  • Cross-asset moves: Risk assets were lower overnight, partially reversing Wednesday moves, US equities were about 0.20% lower, the BBDXY reversed early session weakness to close the session up 0.08%. Iron Ore is up 0.86% at $117.05/ton
  • Overnight, Initial Claims were 222k vs 220k, Continuing Claims 1,794k vs 1,780k est, Housing starts 1,360k vs 1,421k & and Building Permits were 1,44k,vs 1,480k.
  • US Tsys curve bear-steepened with the 2y10y -3.665 at -42.246, yields were 1-8bps lower
  • The ACGB curve has drifted wider pivoting at the 10y with the 2y10y -1.430 at 29.230 and largely erasing prior days moves, yields have opened 2-4bps higher, while the AU-US 10-year yield differential is 2bpds lower at -16bps
  • Swap rates are little changed this morning
  • The bills strip is flat to 2bps lower.
  • RBA-dated OIS implied rate is 1-5bps softer this morning heading into year-end with 16bps of easing into the year-end to a terminal rate of 4.19%
  • Today, local calendar is empty
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ACGBs (YM -2.0 & XM -3.5) are cheaper today following on from moves made overnight in US treasury on Thursday following comments from Cleveland Fed President Mester and mixed US data. Today, Chinese data will be the focus, Tuesday we have Consumer Confidence and the RBA minutes.

  • Cross-asset moves: Risk assets were lower overnight, partially reversing Wednesday moves, US equities were about 0.20% lower, the BBDXY reversed early session weakness to close the session up 0.08%. Iron Ore is up 0.86% at $117.05/ton
  • Overnight, Initial Claims were 222k vs 220k, Continuing Claims 1,794k vs 1,780k est, Housing starts 1,360k vs 1,421k & and Building Permits were 1,44k,vs 1,480k.
  • US Tsys curve bear-steepened with the 2y10y -3.665 at -42.246, yields were 1-8bps lower
  • The ACGB curve has drifted wider pivoting at the 10y with the 2y10y -1.430 at 29.230 and largely erasing prior days moves, yields have opened 2-4bps higher, while the AU-US 10-year yield differential is 2bpds lower at -16bps
  • Swap rates are little changed this morning
  • The bills strip is flat to 2bps lower.
  • RBA-dated OIS implied rate is 1-5bps softer this morning heading into year-end with 16bps of easing into the year-end to a terminal rate of 4.19%
  • Today, local calendar is empty