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ACGBs Richer, Curve Slightly Steeper, RBA Keeps Rates On Hold

AUSSIE BONDS

ACGBs (YM +7.0 & XM +6) are richer today after the RBA as widely expected kept rates on hold at 4.35%, while earlier we had Retail Sales Ex Inflation consensus is -0.3% down from 0.30% in March.

  • US Tsys futures have edged a touch higher post the RBA rate decision, with curves little changed.
  • The cash ACGB curve is slightly steeper post RBA with yields 6-8bps lower. The AU-US 10-year yield differential is 2.5bps lower at -15.5bps.
  • Swap rates are 6-7bps lower.
  • The bills strip is slightly cheaper, with pricing f4-7bps higher
  • RBA-dated OIS pricing is mixed out past July, with the market pricing 10bps of easing into the year-end from an expected terminal rate of 4.31%.
  • Looking ahead, Foreign Reverse at 4.30pm AEST
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