November 06, 2023 22:21 GMT
Cheaper Start, RBA On Tap
ACGBs have opened dealing ~4bps cheaper across the major benchmarks, spillover from Tsys which unwound much of the post-NFP gains is weighed in early trade.
- Futures are a touch lower, however remain well within recent ranges, XM sits -0.04 and YM is also 0.04 lower.
- RBA Dated futures prices ~17bps of hikes into today's meeting. A terminal rate of 4.450% is seen in June 2024. The Bloomberg survey looks for a 25bp hike today.
- PM Albanese touted the "strong relationship" (BBG) between China and Australia in his meeting with President Xi yesterday, he invited Xi to Australia.
- Also on the wires today is the Oct Foreign Reserves, there is no estimate and the prior read was A$90.4bn.