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ACGBs Open Cheaper Following US Treasuries

AUSSIE BONDS
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ACGBs (YM -1.0 & XM -2.5) are cheaper today following on from moves made on Friday in US treasuries. Today the local calendar is empty with focus region on China's LPRs although they are expected to be left unchanged.

  • Cross-asset moves: Equities were lower on Friday, although US equity futures have now erased that move in early trading, in FX the BBDXY was slightly lower with the AUD & NZD trading up about 0.20%, while Iron Ore was up 0.31% at $117.21/ton
  • On Friday, the Conference Board leading indicator fell by more than expected in April, -0.6% M/M (cons -0.3) after -0.3% in March.
  • US Tsys curve bear-steepened on Friday with the 2y10y +1.562 at -40.684, yields were 2-5bps lower
  • The ACGB curve is slightly steeper today with the 2y10y +0.930 at 30.700, yields have opened 1-3bps higher, while the AU-US 10-year yield differential is 2bps higher at -18bps
  • Swap rates are are 1bps 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%
  • Today, local calendar is empty
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ACGBs (YM -1.0 & XM -2.5) are cheaper today following on from moves made on Friday in US treasuries. Today the local calendar is empty with focus region on China's LPRs although they are expected to be left unchanged.

  • Cross-asset moves: Equities were lower on Friday, although US equity futures have now erased that move in early trading, in FX the BBDXY was slightly lower with the AUD & NZD trading up about 0.20%, while Iron Ore was up 0.31% at $117.21/ton
  • On Friday, the Conference Board leading indicator fell by more than expected in April, -0.6% M/M (cons -0.3) after -0.3% in March.
  • US Tsys curve bear-steepened on Friday with the 2y10y +1.562 at -40.684, yields were 2-5bps lower
  • The ACGB curve is slightly steeper today with the 2y10y +0.930 at 30.700, yields have opened 1-3bps higher, while the AU-US 10-year yield differential is 2bps higher at -18bps
  • Swap rates are are 1bps 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%
  • Today, local calendar is empty