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Cheaper, Narrow Ranges, Empty Local Calendar, RBNZ Policy Decision Due

AUSSIE BONDS

ACGBs (YM -1.0 & XM -4.0) are holding weaker after dealing in relatively narrow ranges in today’s Sydney session. With the domestic calendar empty, the local market has looked to US tsys for guidance. Cash US tsys are ~1bp cheaper in today’s Asia-Pac session ahead of Fed Chair Powell’s second day of testimony. The market’s focus, however, remains on Thursday’s US CPI data.

  • Cash ACGBs are 1-4bps cheaper, with the AU-US 10-year yield differential at +7bps.
  • Swap rates are 1-3bps higher, with the 3s10s curve steeper.
  • Bill strip pricing is flat to -2.
  • RBA-dated OIS pricing is slightly firmer across meetings. Terminal rate expectations sit at 4.47%.
  • The RBNZ Policy Decision is due shortly, with consensus unanimously expecting the RBNZ to keep the OCR at 5.5%. The tone of the statement is also expected to show little change. (See MNI RBNZ Preview here)
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