Free Trial

Cheaper & At Lows Ahead Of Fed Speak Later Today, US NFP on Friday

AUSSIE BONDS

ACGBs (YM -4.0 & XM -4.0) sit weaker and at Sydney session lows. In the absence of market-moving data, local participants have been content to track US tsys ahead of tonight’s US data and Fed speak, and tomorrow’s US Non-Farm Payrolls.

  • Cash US tsys are dealing flat to 2bps cheaper in today’s Asia-Pac session. Later today the US calendar sees Weekly Jobless Claims and Trade Balance data alongside a heavy spate of Fed speakers.
  • (Bloomberg) Australian apartment approvals tumbled to a 12-year low in February as capacity constraints and rising costs weighed on construction. (See link)
  • (Bloomberg) -- Iron ore fell further toward a 10-month low on increasing shipments from top exporter Australia and faltering steel demand in China, the world’s largest consumer. (See link)
  • Cash ACGBs are 3-4bps cheaper, with the AU-US 10-year yield differential 2bps higher at -19bps.
  • Swap rates are 3bps higher.
  • The bills strip is cheaper, with pricing -1 to -3.
  • RBA-dated OIS pricing is flat to 2bps softer across meetings. A cumulative 31bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see Trade Balance data for February alongside AOFM's planned sale of A$800mn of 2.5% May 2030 bond.
196 words

To read the full story

Close

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.

ACGBs (YM -4.0 & XM -4.0) sit weaker and at Sydney session lows. In the absence of market-moving data, local participants have been content to track US tsys ahead of tonight’s US data and Fed speak, and tomorrow’s US Non-Farm Payrolls.

  • Cash US tsys are dealing flat to 2bps cheaper in today’s Asia-Pac session. Later today the US calendar sees Weekly Jobless Claims and Trade Balance data alongside a heavy spate of Fed speakers.
  • (Bloomberg) Australian apartment approvals tumbled to a 12-year low in February as capacity constraints and rising costs weighed on construction. (See link)
  • (Bloomberg) -- Iron ore fell further toward a 10-month low on increasing shipments from top exporter Australia and faltering steel demand in China, the world’s largest consumer. (See link)
  • Cash ACGBs are 3-4bps cheaper, with the AU-US 10-year yield differential 2bps higher at -19bps.
  • Swap rates are 3bps higher.
  • The bills strip is cheaper, with pricing -1 to -3.
  • RBA-dated OIS pricing is flat to 2bps softer across meetings. A cumulative 31bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see Trade Balance data for February alongside AOFM's planned sale of A$800mn of 2.5% May 2030 bond.