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ACGBs Richer, Curve Flatter Ahead of Retail Sales

AUSSIE BONDS

ACGBs (YM +2.0 & XM +2.0) are richer today, the curve is slightly flatter this morning. US cash trading was closed on Monday for Memorial Day.

  • Cross-asset moves: US Equity futures are higher this morning. In FX the BBDXY was down 0.16% on Monday, while Iron Ore was up 0.46% at $119.85/ton
  • US treasury futures have opened slightly higher in Asia trading, TU is ( +00.875) at 101-15+ while 10Y contract is (+ 03) at 108-25+.
  • The ACGB curve is flatter this morning with the 2y10y -0.640 at 23.750, yields are 0.5-1.5bps lower, while the AU-US 10-year yield differential is 1bps higher today at -20bps
  • Swap rates are flat to 1bp lower
  • The bills strip is flat to 1bps lower.
  • RBA-dated OIS implied rate is little changed this morning with 9bps of easing into the year-end to a terminal rate of 4.265%
  • Looking ahead, Retail Sales at 11.30am AEST
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