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AUSSIE BONDS: Cheaper Ahead Of US Non-Farm Payrolls

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM -6.0 & XM -6.0) are weaker and near Sydney session cheaps. With the domestic data calendar relatively light, local participants have been largely content to sit on the sidelines ahead of tonight’s release of US payroll data. 

  • Cash US tsys are flat to 1bps richer in today’s Asia-Pac session. All eyes have turned to nonfarm payrolls where growth is seen accelerating marginally to 150k in September after the weaker-than-expected 142k in August. That said, everyone remains on Middle East headlines watch.
  • Cash ACGBs are 6bps cheaper with the AU-US 10-year yield differential at +23bps.
  • Swap rates are 6bps higher.
  • The bills strip has bear-steepened, with pricing -1 to -7.
  • RBA-dated OIS pricing is flat to 7bps firmer for 2025 meetings. A cumulative 12bps of easing is priced by year-end.
  • Next week, the local calendar will see the Melbourne Institute Inflation Gauge on Monday, ahead of September’s RBA Minutes, and Consumer and Business Confidence on Tuesday. A reminder that NSW, QLD and SA have a Labor Day holiday on Monday.
  • The AOFM plans to sell A$500mn of the 3.25% 21 June 2039 bond on Wednesday and A$1.0bn of the 2.75% 21 November 2028 bond on Friday.
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ACGBs (YM -6.0 & XM -6.0) are weaker and near Sydney session cheaps. With the domestic data calendar relatively light, local participants have been largely content to sit on the sidelines ahead of tonight’s release of US payroll data. 

  • Cash US tsys are flat to 1bps richer in today’s Asia-Pac session. All eyes have turned to nonfarm payrolls where growth is seen accelerating marginally to 150k in September after the weaker-than-expected 142k in August. That said, everyone remains on Middle East headlines watch.
  • Cash ACGBs are 6bps cheaper with the AU-US 10-year yield differential at +23bps.
  • Swap rates are 6bps higher.
  • The bills strip has bear-steepened, with pricing -1 to -7.
  • RBA-dated OIS pricing is flat to 7bps firmer for 2025 meetings. A cumulative 12bps of easing is priced by year-end.
  • Next week, the local calendar will see the Melbourne Institute Inflation Gauge on Monday, ahead of September’s RBA Minutes, and Consumer and Business Confidence on Tuesday. A reminder that NSW, QLD and SA have a Labor Day holiday on Monday.
  • The AOFM plans to sell A$500mn of the 3.25% 21 June 2039 bond on Wednesday and A$1.0bn of the 2.75% 21 November 2028 bond on Friday.