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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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Free AccessAUSSIE BONDS: Richer & At Best Levels, AU-US 10Y Diff. Pushes Wider
In roll-impacted dealings, ACGBs (YM +4.4 & XM +5.4) are richer and sit at Sydney session highs.
- Outside of the previously outlined speech by Sarah Hunter, RBA's chief economist and Assistant Governor, there hasn't been much by way of domestic drivers to flag.
- Cash US tsys are 2-3bps richer in today’s Asia-Pac session after yesterday’s bull-steepener. The US presidential debate saw betting odds nudge in favour of Harris. The US market will now focus on tomorrow’s CPI and Thursday’s PPI inflation measures. Core non-housing service inflation is expected to see at least a repeat of the 0.21% M/M from July.
- Cash ACGBs are 5-6bps richer, with the AU-US 10-year yield differential at +24bps. At +24bps, the differential is approaching the upper bound of the +/-30bps range observed since November 2022.
- Swap rates are 5-6bps lower.
- The bills strip has twist-flattened, with pricing -2 to +8.
- RBA-dated OIS pricing is flat to 9bps softer, with late 2025 meetings leading. The market is pricing 17bps of easing by year-end, with an additional 42bps by March 2025.
- Tomorrow, the local calendar will see Consumer Inflation Expectation data.
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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.