Cheaper, Sitting Mid-Range, Light Local Calendar

In future roll-impacted dealings, ACGBs (YM -5.0 & XM -4.8) sit cheaper and in the middle of today’s Sydney session ranges. There have been no domestic data or events today. Accordingly, local participants have likely sought guidance from US tsys in today’s Asia-Pac session following Friday’s post-payrolls sell-off.

• US tsys are holding 1-2bps cheaper across benchmarks in today’s Asia-Pac session but ranges have been tight. Little meaningful macro newsflow has crossed so far, with Friday's post-NFP lows intact.
• Cash ACGBs are 4-5bps cheaper, with the AU-US 10-year yield differential 5bps tighter at +10bps.
• Swap rates are 3-4bps higher, with EFPs 1bps narrower.
• Bills strip pricing is -1 to -5, with late reds leading.
• RBA-dated OIS pricing is 2-4bps firmer for meetings beyond May’24, with late 2024 leading.
• Tomorrow, the local calendar sees a speech by RBA Governor Bullock at the AusPayNet Summit. The other focal point for the market this week will be employment data on Thursday.
• The highlight of this week's US data docket is the November CPI print on Tuesday, ahead of the Fed’s final rate decision of the year the following day. 10- and 30-year US tsy supply is also due this week.