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Curve Flattens On Tuesday

AUSSIE BONDS

ACGB's sit 1bp cheaper to 6bps richer across the major benchmarks, the curve has twist flattened piboting on 5s.

  • XM (+0.03) and YM (+0.01) are a touch firmer, early gains extended as spillover from PBOC's cut to the 7-Day Repo Rate to 1.90%. The move didnt follow through and narrow ranges were observed for the remainder of the session.
  • RBA dated OIS have been stable today, a terminal rate of 4.47% is seen in November.
  • NAB has lifted their RBA terminal rate forecast to 4.6% from 4.35%, the bank now sees 25bp hikes in July and August.
  • The CBA household spending intentions (HSI) rose 3.1% m/m and 4.7% y/y. Westpac Consumer Confidence rose 0.2% to 79.2. NAB Business Confidence fell to -4 from 0 in May and Business Conditions fell to 8 from 14.
  • The local data docket is empty tomorrow.
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