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AUSSIE BONDS

Aussie bonds have declined on the back of a cheapening in U.S. Tsys (cash Tsys run 2.5-4.5bp cheaper across the curve at typing), with Sydney participants reacting to the moves in core global FI markets on Friday.

  • Cash ACGBs run 4.0-13.0bp cheaper across the curve, bear flattening. YM is -9.5 and XM is -6.0, through their respective overnight lows. EFPs have widened a little with the 3-/10-Year box steepening, while Bills run 2 to 14 ticks cheaper through the reds.
  • Some local news flow has centred around Australian wages (details in earlier bullet) ahead of the “jobs and skills” summit later this week, with the SEEK job portal showing a 4.1% Y/Y rise in its seasonally-adjusted index for July (keeping in mind the official WPI for Q2 came in at 2.6%. Y/Y).
  • July retail sales will headline the data docket for Monday.
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