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AUSSIE BONDS: Richer, Middle East Headlines Watch

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM +3.0 & XM +4.5) are stronger but off Sydney session bests.

  • With the domestic calendar empty today, the local market is likely on Middle East headlines watch.
  • Cash US tsys are slightly cheaper, in today’s Asia-Pac session after yesterday’s haven-induced rally. The US calendar will see MBA Mortgage Applications and ADP Employment Change data later today.
  • Cash ACGBs are4bps richer with the AU-US 10-year yield differential at 23bps.
  • The bills strip is richer, with pricing +1 to +2.
  • RBA-dated OIS pricing is little changed across meetings. Nevertheless, 2025 meetings are 2-4bps firmer than pre-RBA levels. A cumulative 13bps of easing is priced by year-end.
  • (AFR) RBA should spell out rules on private meetings with market movers. (See link)
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ACGBs (YM +3.0 & XM +4.5) are stronger but off Sydney session bests.

  • With the domestic calendar empty today, the local market is likely on Middle East headlines watch.
  • Cash US tsys are slightly cheaper, in today’s Asia-Pac session after yesterday’s haven-induced rally. The US calendar will see MBA Mortgage Applications and ADP Employment Change data later today.
  • Cash ACGBs are4bps richer with the AU-US 10-year yield differential at 23bps.
  • The bills strip is richer, with pricing +1 to +2.
  • RBA-dated OIS pricing is little changed across meetings. Nevertheless, 2025 meetings are 2-4bps firmer than pre-RBA levels. A cumulative 13bps of easing is priced by year-end.
  • (AFR) RBA should spell out rules on private meetings with market movers. (See link)