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AUSSIE BONDS: Slightly Richer But Off Best Levels, Cons. & Bus. Conf. Lower

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

In roll-impacted dealings, ACGBs (YM +0.8 & XM +3.6) are slightly richer but off the best levels despite today’s weaker confidence data.

  • Westpac consumer confidence fell 0.5% to 84.6 from a month earlier in September (+6.1% y/y). “While cost-of-living pressures are becoming a little less intense and fears of further interest rate rises have eased, consumers are becoming more concerned about where the economy may be headed and what this could mean for jobs, said Westpac's Head of Australian Macro-Forecasting, Matthew Hassan”
  • NAB business conditions fell 3 points from a month earlier to 3 in August. Business confidence is down 5 points to -4.
  • MNI discusses recent RBA board change proposals with former policymakers.
  • Cash US tsys are 1-2bps cheaper in today’s Asia-Pac session after yesterday’s somewhat mixed performance. The focus is on this week's CPI and PPI inflation measures to help gauge next week's FOMC policy announcement.
  • Cash ACGBs are 2-4bps richer, with the AU-US 10-year yield differential at +20bps.
  • Swap rates are 1-4bps lower, with the 2s10s curve flatter.
  • The bills strip has twist-flattened, with pricing -1 to +3.
  • RBA-dated OIS pricing is little changed out to Feb-25 and flat to 3bps softer beyond. A cumulative 16bps of easing is priced by year-end.
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In roll-impacted dealings, ACGBs (YM +0.8 & XM +3.6) are slightly richer but off the best levels despite today’s weaker confidence data.

  • Westpac consumer confidence fell 0.5% to 84.6 from a month earlier in September (+6.1% y/y). “While cost-of-living pressures are becoming a little less intense and fears of further interest rate rises have eased, consumers are becoming more concerned about where the economy may be headed and what this could mean for jobs, said Westpac's Head of Australian Macro-Forecasting, Matthew Hassan”
  • NAB business conditions fell 3 points from a month earlier to 3 in August. Business confidence is down 5 points to -4.
  • MNI discusses recent RBA board change proposals with former policymakers.
  • Cash US tsys are 1-2bps cheaper in today’s Asia-Pac session after yesterday’s somewhat mixed performance. The focus is on this week's CPI and PPI inflation measures to help gauge next week's FOMC policy announcement.
  • Cash ACGBs are 2-4bps richer, with the AU-US 10-year yield differential at +20bps.
  • Swap rates are 1-4bps lower, with the 2s10s curve flatter.
  • The bills strip has twist-flattened, with pricing -1 to +3.
  • RBA-dated OIS pricing is little changed out to Feb-25 and flat to 3bps softer beyond. A cumulative 16bps of easing is priced by year-end.