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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.
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Free AccessCheaper, Narrow Ranges, CPI Monthly Next Wednesday
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.
To read the full story
Sign up now for free trial access to this content.
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.