November 20, 2023 04:44 GMT
Cheaper, Narrow Ranges, RBA Minutes & RBA Gov. Bullock Appearance Tomorrow
ACGBs (YM -4.0 & XM -3.5) are holding in negative territory after dealing in relatively narrower ranges in today’s Sydney session.
- With the domestic calendar light today, local participants have sought guidance from US tsys in the Asia-Pac session ahead of tomorrow's release of the November RBA Minutes and Governor Bullock’s appearance at the ASIC Annual Forum.
- US tsys are holding cheaper in the Asia-Pac session today but ranges have been narrow. There has not been any meaningful macro news flow so far today. Cash tsys sit flat to 2bps cheaper across the major benchmarks. TYZ3 deals at 108-24, unchanged compared to NY closing levels on Friday.
- Cash ACGBs are 3-4bps cheaper, with the AU-US 10-year yield differential 2bps higher at +5bps.
- Swap rates are 4-5bps higher, with EFPs slightly wider.
- The bills strip has bear-steepened, with pricing -1 to -6.
- RBA-dated OIS pricing is flat to 7bps firmer across meetings with late ’24 leading.