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Edge Higher With US Tsys In Asia-Pac Trade

AUSSIE BONDS

ACGBs are firmer (YM +6.0 & XM +6.0) at session highs after trading in a relatively tight range in the Sydney session. Without the economic calendar and domestic headlines light the market has been happy to trade in sympathy with Us tsys, which have marginally extended NY session gains. At the time of writing, 2- and 10-year US tsys yields are 1bp and 2bp lower, respectively.

  • Cash ACGBs are 6-7bp richer with the AU-US 10-year yield differential -2bp at -5bp.
  • Swap rates opened 4bp lower with EFPs 2bp wider.
  • The bills strip has twist flattened with pricing -3 to +3.
  • RBA dated OIS pricing is mixed with pricing 1bp firmer out to August and 1-4bp softer for meetings beyond. Year-end easing expectations sit at 25bp from an expected terminal rate of 3.92% (August).
  • Chinese Foreign Minister Qin Gang is expected to visit Australia in July as diplomatic relations between the two trading partners stabilise, The South China Morning Post reported and an Australia academic said.
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