TRUDEAU SAYS `WE HAVE A LOT OF WORK TO DO'

MNI BRIEF: Canada NDP Will Bring Nonconfidence Motion In Jan.

CANADA NDP SAYS WILL INTRODUCE NONCONFIDENCE MOTION

MNI China Daily Summary: Friday, December 20

MNI: PBOC Net Drains CNY103.5 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1901 Fri; -2.13% Y/Y

EZ/UK T-Bill Calendar: Greece to Sell Bills Monday

EZ/UK Bond Supply Calendar: BOE APF Sales Due 6 January

MNI: BELGIUM DEC BNB BUSINESS CONFIDENCE -13.8

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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. 
169 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

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.