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Drifting Further From Best Levels

AUSSIE BONDS

ACGB futures have backed away from overnight highs throughout the Sydney session (after retests for both YM & XM), with a pullback in U.S. Tsy futures (albeit on holiday-thinned trade) facilitating the move lower in the Aussie bond space. Cash ACGBs run 5.5bp to 7.5bp richer across the curve with the belly leading the bid. YM and XM are +7.0 and +7.5 apiece, while Bills run 2 to 11 ticks richer through the reds, bull flattening, but well shy of best levels observed since Friday’s settlement.

  • Stronger than expected housing finance data and a firmer ANZ job ads print earlier in the session failed to elicit much reaction from the Aussie bond space, keeping in mind last week’s moves in ACGBs, with proximity to Tuesday’s RBA decision likely foremost in participants’ minds.
  • Tuesday will see the S&P Global Services and Composite PMIs cross first, with the RBA’s decision due later in the day (with most looking for a 50bp rate hike).
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