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Cheaper Start, Local Docket Empty Today

AUSSIE BONDS


ACGBs have opened dealing ~4bps cheaper across the major benchmarks. Yesterday's cheapening in Global FI is weighing, the move lower was driven by headlines concerning the suspension of the German debt brake and stronger than forecast PMIs in Germany and the UK. There was a shortened trading day for US Tsy futures, with cash closed due to the Thanksgiving holiday.

  • XM (-0.05) and YM (0-04) are a touch lower in early trade, but the contracts remain well within recent ranges.
  • RBA dated futures price a terminal rate of 4.50% in June 24 with ~15bps of cuts by Dec 24.
  • There has been little in the way of meaningful domestic newsflow this morning, and the local docket is empty today.
  • Looking ahead next week we have Oct CPI provides the highlight, there is no estimate for the print as of yet and the prior read was 5.6% Y/Y.
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