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AUSSIE BONDS: Richer With US Tsys, September’s Employment Report Tomorrow

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM +4.0 & XM +5.0) are richer and near highs on another data-light Sydney session.

  • “Australia’s central bank is still running through the local implications of China’s stimulus measures as officials prepare the Reserve Bank’s latest update of forecasts for next month’s board meeting, Assistant Governor Sarah Hunter said.” (per BBG)
  • The latest round of ACGB May-34 supply saw the weighted average yield print 0.52bps through prevailing mids, extending the recent trend of firm pricing at ACGB auctions.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s bull-flattener. Today’s US calendar includes September import/export prices - which feed into the Fed's preferred PCE inflation gauge - and a Fox interview with Vice President Harris.
  • Cash ACGBs are 5bps richer with the AU-US 10-year yield differential at +17bps.
  • Swap rates are 4-5bps lower, with the 3s10s curve flatter.
  • The bills strip has bull-flattened, with pricing +2 to +5.
  • RBA-dated OIS pricing is 2-5bps softer for 2025 meetings. A cumulative 7bps of easing is priced by year-end.
  • The local calendar will see the September Employment Report tomorrow. Consensus expects +25k jobs to be created with a steady unemployment rate of 4.2%. 
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ACGBs (YM +4.0 & XM +5.0) are richer and near highs on another data-light Sydney session.

  • “Australia’s central bank is still running through the local implications of China’s stimulus measures as officials prepare the Reserve Bank’s latest update of forecasts for next month’s board meeting, Assistant Governor Sarah Hunter said.” (per BBG)
  • The latest round of ACGB May-34 supply saw the weighted average yield print 0.52bps through prevailing mids, extending the recent trend of firm pricing at ACGB auctions.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s bull-flattener. Today’s US calendar includes September import/export prices - which feed into the Fed's preferred PCE inflation gauge - and a Fox interview with Vice President Harris.
  • Cash ACGBs are 5bps richer with the AU-US 10-year yield differential at +17bps.
  • Swap rates are 4-5bps lower, with the 3s10s curve flatter.
  • The bills strip has bull-flattened, with pricing +2 to +5.
  • RBA-dated OIS pricing is 2-5bps softer for 2025 meetings. A cumulative 7bps of easing is priced by year-end.
  • The local calendar will see the September Employment Report tomorrow. Consensus expects +25k jobs to be created with a steady unemployment rate of 4.2%.