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AUSSIE BONDS: Cheaper But Off Worst Levels, MI Infl. Expns. Lower

AUSSIE BONDS

In roll-impacted dealings, ACGBs (YM -4.0 & XM -2.3) weaker but off the Sydney session’s worst levels after the expected inflation rate in Australia fell by 0.1 percentage point in September to 4.4%, according to a survey by The Melbourne Institute. Total pay was expected to grow by 1.4% over the next 12 months, the report said.

  • Cash US tsys are 1-2bps cheaper in today’s Asia-Pac session after yesterday’s post-CPI sell-off. The focus now turns to today's US PPI and Weekly Claims data.
  • Cash ACGBs are 2-4bps cheaper, with the AU-US 10-year yield differential at +21bps versus yesterday’s +24bps.
  • Swap rates are 1-2bps higher, with the 3s10s curve flatter and EFPs tighter.
  • The bills strip is cheaper, with pricing -1 to -3 across contracts.
  • RBA-dated OIS pricing is flat to 4bps firmer, with early 2025 leading. A cumulative 16bps of easing is priced by year-end.
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

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