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ACGBs Little Changed, Retail Sales Miss Estimates

AUSSIE BONDS

ACGBs (YM +0.0 & XM +0.5) are little changed today as we trade near session lows. the yield curve is slightly flatter this morning. Earlier today, retail sales missed estimates while tomorrow we have Westpac Leading Index.

  • Cross-asset moves: US Equity futures are slightly higher today, while regional Asian equities were mixed with the ASX200 down 0.20%. In FX the BBDXY is down 0.14%, the AUD is trading 0.27% higher , while Iron Ore was up 1.80% at $121.45/ton
  • US treasury futures are higher today with TU +00.875 at 101-15+ while TY is + 02 at 108-24+.
  • The ACGB curve is flatter today with the 2y10y -1.140 at 23.250, yields are flat to 1bp lower, while the AU-US 10-year yield differential is 1bps higher today at -19bps
  • Retail sales in Australia rose at a slower-than-expected, Retail turnover rose 0.1% in April, following a 0.4% fall in March.
  • Swap rates are unchanged
  • The bills strip is flat to 2bps lower.
  • RBA-dated OIS implied rate is little changed today with 8bps of easing into the year-end to a terminal rate of 4.27%
  • Looking ahead, Westpac Leading Index on Wednesday
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