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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessUS$ Credit Supply Pipeline: $8.8B to Price Wednesday
Key Inter-Meeting Fed Speak – Jan 2025
US TREASURY AUCTION CALENDAR: 20Y Reopen Trades Through
MNI Commodity Weekly: January Oil Market Shake-Up
AUSSIE BONDS: Cheaper & Near Worst Levels But A Subdued Session
ACGBs (YM -3.0 & XM -3.0) are weaker, hovering near Sydney session lows. Despite the decline, today's trading ranges have remained relatively narrow, reflecting subdued market activity.
- Today's extension of the recent selloff for ACGBs, which brings the rise to 60-70bps over the past month, potentially leaves Aussie bonds vulnerable to a short squeeze into next week’s quarterly CPI data.
- With the domestic calendar light today, local participants have likely eyed US tsys for guidance. Cash US tsys are ~2bps cheaper in today’s Asia-Pac session after yesterday’s modest extension of Monday’s heavy session. Today's US calendar will see MBA Mortgage Applications, followed by existing home sales & the Federal Reserve Beige Book.
- According to the latest results of a Bloomberg News survey, the Australian economy will expand by 1.2% in 2024, 2.1% in 2025 and 2.5% in 2026. (See link)
- Cash ACGBs are 2-3bps cheaper with the AU-US 10-year yield differential at +23bps.
- Swap rates are 1bp higher, with EFPs tighter.
- The bills strip is slightly weaker, with pricing -1 to -3.
- RBA-dated OIS pricing is little changed. A cumulative 3bps of easing is priced by year-end.
- Tomorrow, the local calendar will see Judo Bank PMIs and the RBA Annual Report.
To read the full story
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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.