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Cheaper Start, Docket Empty On Wednesday

AUSSIE BONDS

ACGB's have opened dealing 2-6bps cheaper across the major benchmarks, the curve has bear flattened. This comes as Global Core FI cheapening spills over, US Tsys were pressured yesterday as were Gilts.

  • FOMC rate cut expectations were wound back overnight as todays meeting comes into view. Stronger than expected UK jobs and wages data saw the biggest sell off in Gilts in 8 months.
  • Futures have opened lower, XM is down 0.031 and YM is down 0.07. Swap rates are 3-8bps firmer across the curve.
  • RBA dated OIS price a terminal rate of 4.49% in December.
  • The domestic data docket is empty today.
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