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Cheaper, Curve Steepens on Friday

AUSSIE BONDS

ACGBs sit 4-7bps cheaper across the major benchmarks, light bear steepening is apparent.

  • XM (-0.075) and YM (-0.06) have ticked lower through todays session dealing in narrow ranges for the most part.
  • RBA dated futures price a terminal rate of 4.50% in June 24 with ~15bps of cuts by Dec 24.
  • There was little in the way of meaningful domestic news flow, ACGBs ticked lower in narrow ranges today alongside Global FI. There was no headline driver and the move was seen alongside a light bid in the USD and pressure on regional equities.
  • Looking ahead next week we have Oct CPI provides the highlight; a downtick in CPI to 5.2% Y/Y is expected, the prior read was 5.6% Y/Y.
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