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AUSSIE BONDS: Cheaper, IMF Warns, Focus On US Claims Data

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM -6.0 & XM -7.0) are cheaper after dealing in narrow ranges in today’s data-light Sydney session.

  • Outside of the previously outlined trade balance and Judo bank PMIs, the market’s focus was likely on the IMF’s warning that the government and the RBA need to work together to bring down inflation.
  • Cash US tsys are 1-2bps cheaper in today’s Asia-Pac session after yesterday’s ADP-induced bear flattener. Today’s US calendar will see Weekly Claims, Factory/Durable Goods Orders and ISM Services, followed by Friday's headline Non-Farm Payrolls for September.
  • US nonfarm payrolls growth is expected to have firmed marginally to 150k in September although some analysts also look for upward revisions to August.  (See MNI Employment Preview here)
  • Cash ACGBs are 5-6bps cheaper, with the AU-US 10-year yield differential at +22bps.
  • Swap rates are 5-6bps higher.
  • The bills strip has bear-steepened, with pricing -3 to -7.
  • RBA-dated OIS pricing is 2-5bps firmer beyond the November meeting. A cumulative 13bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see Household Spending and Home Loans data alongside the AOFM’s planned sale of A$700mn of the 2.75% 21 November 2027 bond.
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ACGBs (YM -6.0 & XM -7.0) are cheaper after dealing in narrow ranges in today’s data-light Sydney session.

  • Outside of the previously outlined trade balance and Judo bank PMIs, the market’s focus was likely on the IMF’s warning that the government and the RBA need to work together to bring down inflation.
  • Cash US tsys are 1-2bps cheaper in today’s Asia-Pac session after yesterday’s ADP-induced bear flattener. Today’s US calendar will see Weekly Claims, Factory/Durable Goods Orders and ISM Services, followed by Friday's headline Non-Farm Payrolls for September.
  • US nonfarm payrolls growth is expected to have firmed marginally to 150k in September although some analysts also look for upward revisions to August.  (See MNI Employment Preview here)
  • Cash ACGBs are 5-6bps cheaper, with the AU-US 10-year yield differential at +22bps.
  • Swap rates are 5-6bps higher.
  • The bills strip has bear-steepened, with pricing -3 to -7.
  • RBA-dated OIS pricing is 2-5bps firmer beyond the November meeting. A cumulative 13bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see Household Spending and Home Loans data alongside the AOFM’s planned sale of A$700mn of the 2.75% 21 November 2027 bond.