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Free AccessDrifted Cheaper, No Cash US Tsy Trading In Asia-Pac Today
ACGBs (YM flat & XM -2.0) have ground cheaper throughout today’s Sydney session.
- With the domestic calendar largely empty until Thursday’s release of the June Employment Report, the local market has drifted weaker.
- Expectations of sustained strong pricing at today's Jun-51 auction proved accurate, as the weighted average yield printed through prevailing mids and the cover ratio printed around levels seen at recent longer-dated auctions.
- After today’s supply, the AOFM plans to sell another A$500mn of the 3.00% 21 November 2033 bond on Wednesday and A$700mn of the 2.75% 21 November 2027 bond on Friday.
- Cash ACGBs are flat to 2bps cheaper.
- The cash AU-US 10-year yield differential, currently at +16bps, is at its highest level since February. This places it in the upper half of the +/-30bps range observed since November 2022. However, it's worth noting that cash US tsys are not trading during today's Asia-Pac session due to a public holiday in Japan.
- Swap rates are 1-2bps higher, with the 3s10s curve steeper.
- The bills strip is little changed, with pricing flat to +1.
- RBA-dated OIS pricing is flat to 2bps softer for 2025 meetings. Terminal rate expectations drop to 4.42% versus its recent high of 4.52%.
- Tomorrow, the local calendar will see the Westpac Leading Index.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.