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Curve Twist Steepens, Narrow Range

AUSSIE BONDS

ACGBs remain mixed (YM +1.0 & XM -4.0) after trading in a relatively narrow range in the Sydney session. With the local data calendar empty today, local participants have been on headlines and US tsys watch.

  • Tsys have been pressured in recent dealing and sit a touch-off session lows. There has been no obvious headline driver for the move, participants are perhaps focusing on the stronger-than-forecast AHE from Friday's NFP report and Goolsbee’s relatively hawkish Fedspeak which also crossed on Friday.
  • Cash ACGBs are 1bp richer to 4bp cheaper with the AU-US 10-year yield differential +6bp at +22bp.
  • The swap curve has twist steepened with rates -2bp to +5bp.
  • Bills are richer across the strip with pricing +1 to +5, early reds leading.
  • RBA dated OIS are flat to 4bp softer across meetings with mid'24 leading.
  • (AFR) The portion of investor-owned listings across Sydney ballooned to a record 39.8 per cent last month as the financial stress of meeting the large increase in mortgage repayments worsened, data from CoreLogic shows. (See link)
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