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AUSSIE BONDS: Cheaper With US Tsys, Job Vacancies & RBA FSR Due

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM -2.0 & XM -2.5) are cheaper after the US tsy curve bear-steepened ahead of today’s flood of data and Fed speakers. Today’s US calendar will see Weekly Claims, GDP, PCE, Cap Goods, Durables, and Pending Home Sales data alongside a flurry of Fed speakers: Barr, Cook, Kashkari, Williams and Chairman Powell. 

  • The US 2-year yield rose 2bps to 3.56% with the 10-year 6bps higher at 3.78%.
  • The US$70bn 5-year auction cleared at prevailing market levels.
  • There was little reaction to new home sales - slightly better than expected in August at 716k (saar, cons 700k) after an upward revised 751k (initial 739k) in July.
  • Oil prices looked past a further ratcheting up of tensions in the Middle East and declined on signs that supply disruptions in Libya are easing.
  • Cash ACGBs are2-3bps cheaper, with the AU-US 10-year yield differential at +15bps.
  • Swap rates are 2bps higher.
  • The bill strip is cheaper, with pricing -1 to -2 across contracts.
  • RBA-dated OIS pricing is 1-2bps firmer across meetings. A cumulative 15bps of easing is priced by year-end.
  • Today, the local calendar will see Job Vacancies data and the release of the RBA's Financial Stability Review.
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ACGBs (YM -2.0 & XM -2.5) are cheaper after the US tsy curve bear-steepened ahead of today’s flood of data and Fed speakers. Today’s US calendar will see Weekly Claims, GDP, PCE, Cap Goods, Durables, and Pending Home Sales data alongside a flurry of Fed speakers: Barr, Cook, Kashkari, Williams and Chairman Powell. 

  • The US 2-year yield rose 2bps to 3.56% with the 10-year 6bps higher at 3.78%.
  • The US$70bn 5-year auction cleared at prevailing market levels.
  • There was little reaction to new home sales - slightly better than expected in August at 716k (saar, cons 700k) after an upward revised 751k (initial 739k) in July.
  • Oil prices looked past a further ratcheting up of tensions in the Middle East and declined on signs that supply disruptions in Libya are easing.
  • Cash ACGBs are2-3bps cheaper, with the AU-US 10-year yield differential at +15bps.
  • Swap rates are 2bps higher.
  • The bill strip is cheaper, with pricing -1 to -2 across contracts.
  • RBA-dated OIS pricing is 1-2bps firmer across meetings. A cumulative 15bps of easing is priced by year-end.
  • Today, the local calendar will see Job Vacancies data and the release of the RBA's Financial Stability Review.