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AUSSIE BONDS: Cheaper, Narrow Ranges, RBA Gov Bullock Speech Later Today

AUSSIE BONDS
BulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM -3.0 & XM -2.0) are holding weaker in tight ranges in today’s data-light Sydney session. 

  • RBA Governor Bullock will give a speech at the Women In Payments Conference at 1900 AEST today.
  • “Westpac has become the second big bank to push its forecast for the Reserve Bank of Australia’s first cash rate cut to May from February, as more economists and investors dump expectations for pre-election mortgage relief.” (per AFR)
  • Cash US tsys are ~1bp richer in today’s Asia-Pac session after yesterday’s modest sell-off. Today in the US the focus will be on jobless claims and any pickup in activity in Ukraine/Russia.
  • Cash ACGBs are 2-3bps cheaper with the AU-US 10-year yield differential at +17bps.
  • Swap rates are 3-4bps higher.
  • The bills strip has bear-steepened, with pricing -1 to -6.
  • RBA-dated OIS pricing shows no easing by year-end. A 25bps rate cut is not fully priced until August.
  • Tomorrow, the local calendar will see S&P Global PMIs (P) alongside the AOFM’s planned sale of A$700mn of the 2.75% 21 November 2028 bond. 
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ACGBs (YM -3.0 & XM -2.0) are holding weaker in tight ranges in today’s data-light Sydney session. 

  • RBA Governor Bullock will give a speech at the Women In Payments Conference at 1900 AEST today.
  • “Westpac has become the second big bank to push its forecast for the Reserve Bank of Australia’s first cash rate cut to May from February, as more economists and investors dump expectations for pre-election mortgage relief.” (per AFR)
  • Cash US tsys are ~1bp richer in today’s Asia-Pac session after yesterday’s modest sell-off. Today in the US the focus will be on jobless claims and any pickup in activity in Ukraine/Russia.
  • Cash ACGBs are 2-3bps cheaper with the AU-US 10-year yield differential at +17bps.
  • Swap rates are 3-4bps higher.
  • The bills strip has bear-steepened, with pricing -1 to -6.
  • RBA-dated OIS pricing shows no easing by year-end. A 25bps rate cut is not fully priced until August.
  • Tomorrow, the local calendar will see S&P Global PMIs (P) alongside the AOFM’s planned sale of A$700mn of the 2.75% 21 November 2028 bond.