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ACGBs Cheaper, Curve Steepens, RBA Minutes Tomorrow

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ACGBs (YM -2.0 & XM -2.0) are cheaper today, it was a slow and uneventful day with no local headlines or data out. Looking ahead tomorrow we have Westpac Consumer Confidence for May due out and the RBA minutes of May policy meeting.

  • Cross-asset moves: Equities are higher today, ASX200 is up 0.64%, while US equity futures are current about 0.15% higher. In FX the BBDXY is little changed today with the AUD is up about 0.20%, while Iron Ore was up 0.89% at $118.25/ton
  • US treasury futures are slightly higher in Asia trading, the 10Y contract is (+ 01) at 109-07, after earlier making highs of 109-09, while volumes are on the low side, yields are about 1bp lower across the curve. In tsys flows there was earlier a block seller of FV, and a likely buyer of 20k TY Jun 24 110 calls.
  • The ACGB curve has bear-steepened today with the 2y10y +0.340 at 30.110, yields are 1-3bps higher, while the AU-US 10-year yield differential is 3bps higher today at -18bps
  • Swap rates are are 1-2bps lower today
  • The bills strip is flat to 1bps lower.
  • RBA-dated OIS implied rate is little changed this morning with 18bps of easing into the year-end to a terminal rate of 4.17%
  • Looking ahead, Westpac Consumer Conf & RBA Minutes
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ACGBs (YM -2.0 & XM -2.0) are cheaper today, it was a slow and uneventful day with no local headlines or data out. Looking ahead tomorrow we have Westpac Consumer Confidence for May due out and the RBA minutes of May policy meeting.

  • Cross-asset moves: Equities are higher today, ASX200 is up 0.64%, while US equity futures are current about 0.15% higher. In FX the BBDXY is little changed today with the AUD is up about 0.20%, while Iron Ore was up 0.89% at $118.25/ton
  • US treasury futures are slightly higher in Asia trading, the 10Y contract is (+ 01) at 109-07, after earlier making highs of 109-09, while volumes are on the low side, yields are about 1bp lower across the curve. In tsys flows there was earlier a block seller of FV, and a likely buyer of 20k TY Jun 24 110 calls.
  • The ACGB curve has bear-steepened today with the 2y10y +0.340 at 30.110, yields are 1-3bps higher, while the AU-US 10-year yield differential is 3bps higher today at -18bps
  • Swap rates are are 1-2bps lower today
  • The bills strip is flat to 1bps lower.
  • RBA-dated OIS implied rate is little changed this morning with 18bps of easing into the year-end to a terminal rate of 4.17%
  • Looking ahead, Westpac Consumer Conf & RBA Minutes