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Bull Steepening

AUSSIE BONDS

Aussie bonds have richened after the cash open, recovering from Monday’s lows, alongside a similar move in wider core global FI markets.

  • Cash ACGBs run 1.5-4.5bp richer across the curve, bull steepening.
  • YM is +4.5 and XM is +1.0, with both contracts operating through their respective overnight peaks.
  • EFPs have narrowed a little, with the 3-/10-Year box steepening, while Bills run flat to 7 ticks richer through the reds, bull flattening.
  • July building approvals data will cross in ~45 minutes.

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