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AUSSIE BONDS: Cheaper, Typical Pre-Payrolls Friday

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM -4.0 & XM -4.0) are weaker after dealing in narrow ranges in today’s Sydney session. With the domestic data calendar relatively light, the local participants appear content to sit on the sidelines ahead of tonight’s release of US payroll data. 

  • Home loan values rose 1.0% m/m (estimate +1.0%) in August versus a revised +3.5% in July.Owner-occupied home loan values rose 0.7% m/m versus a revised +2.5% in July. Investor loan values rose 1.4% m/m versus a revised +5.1% in July.
  • Cash US tsys are flat to 1bps richer in today’s Asia-Pac session after yesterday’s heavy session. All eyes will now turn to headline nonfarm payrolls where growth is seen accelerating marginally to 150k in September after the weaker-than-expected 142k in August. (See MNI Employment Preview here)
  • Cash ACGBs are 4bps cheaper with the AU-US 10-year yield differential at +21bps.
  • Swap rates are 4bps higher with the 3s10s curve steeper.
  • The bills strip has bear-steepened, with pricing flat to -5.
  • RBA-dated OIS pricing is flat to 4bps firmer for 2025 meetings. A cumulative 12bps of easing is priced by year-end.
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ACGBs (YM -4.0 & XM -4.0) are weaker after dealing in narrow ranges in today’s Sydney session. With the domestic data calendar relatively light, the local participants appear content to sit on the sidelines ahead of tonight’s release of US payroll data. 

  • Home loan values rose 1.0% m/m (estimate +1.0%) in August versus a revised +3.5% in July.Owner-occupied home loan values rose 0.7% m/m versus a revised +2.5% in July. Investor loan values rose 1.4% m/m versus a revised +5.1% in July.
  • Cash US tsys are flat to 1bps richer in today’s Asia-Pac session after yesterday’s heavy session. All eyes will now turn to headline nonfarm payrolls where growth is seen accelerating marginally to 150k in September after the weaker-than-expected 142k in August. (See MNI Employment Preview here)
  • Cash ACGBs are 4bps cheaper with the AU-US 10-year yield differential at +21bps.
  • Swap rates are 4bps higher with the 3s10s curve steeper.
  • The bills strip has bear-steepened, with pricing flat to -5.
  • RBA-dated OIS pricing is flat to 4bps firmer for 2025 meetings. A cumulative 12bps of easing is priced by year-end.