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Cheaper, Narrow Ranges, CPI Monthly Next Wednesday

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ACGBs (YM -6.0 & XM -6.0) remain cheaper after dealing in narrow ranges in today’s Sydney session.

  • The local calendar was empty today apart from Nov-28 supply, which showed firm pricing but with a less aggressive bid.
  • Cash US tsys are dealing ~1bp richer in today’s Asia-Pac session after yesterday’s sell-off.
  • Cash ACGBs are 5-6bps cheaper with the AU-US 10-year yield differential at -15bps.
  • Swap rates are 5bps higher, with EFPs tighter.
  • The bills strip has bear-steepened, with pricing -1 to -7.
  • RBA-dated OIS pricing is 3-5bps firmer for 2025 meetings. Only 5bps of easing is priced by year-end.
  • Next week, the local calendar will see Retail Sales on Tuesday, CPI Monthly, Westpac Leading Index and Construction Work Done on Wednesday, and Private Capital Expenditure and Building Approvals on Thursday. RBA's Hunter will conduct a Fireside Chat on Thursday.
  • Next week, the AOFM plans to sell A$600mn of the 1.50% 21 June 2031 bond on Wednesday and A$700mn of the 2.75% 21 November 2029 bond on Friday.
  • Looking ahead to Friday's US data calendar, the focus will be on Durables/Cap Goods and the latest UofM Sentiment.
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ACGBs (YM -6.0 & XM -6.0) remain cheaper after dealing in narrow ranges in today’s Sydney session.

  • The local calendar was empty today apart from Nov-28 supply, which showed firm pricing but with a less aggressive bid.
  • Cash US tsys are dealing ~1bp richer in today’s Asia-Pac session after yesterday’s sell-off.
  • Cash ACGBs are 5-6bps cheaper with the AU-US 10-year yield differential at -15bps.
  • Swap rates are 5bps higher, with EFPs tighter.
  • The bills strip has bear-steepened, with pricing -1 to -7.
  • RBA-dated OIS pricing is 3-5bps firmer for 2025 meetings. Only 5bps of easing is priced by year-end.
  • Next week, the local calendar will see Retail Sales on Tuesday, CPI Monthly, Westpac Leading Index and Construction Work Done on Wednesday, and Private Capital Expenditure and Building Approvals on Thursday. RBA's Hunter will conduct a Fireside Chat on Thursday.
  • Next week, the AOFM plans to sell A$600mn of the 1.50% 21 June 2031 bond on Wednesday and A$700mn of the 2.75% 21 November 2029 bond on Friday.
  • Looking ahead to Friday's US data calendar, the focus will be on Durables/Cap Goods and the latest UofM Sentiment.