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Edging Higher; RBA SoMP Eyed

AUSSIE BONDS
BulletMarketsFixed Income

Aussie bonds have richened after the cash open as Sydney participants react to the wider movements observed in core FI markets in the wake of Thursday’s BoE decision, with a light bid in U.S. Tsys aiding the move higher in the space. Little by way of notable macro headline drivers have been observed so far, with focus centred on the RBA’s quarterly Statement on Monetary Policy (SoMP), due later. Cash ACGBs run 2.0-6.5bp richer across the curve, with the belly leading the bid. YM is +4.5 and XM is +7.0, with the latter showing through its overnight high. Bills run 1 to 5 ticks richer through the reds, bull flattening.

  • Results from the latest round of A$700mn ACGB Apr-27 supply are due at the top of the hour, with the RBA’s SoMP and the weekly AOFM issuance slate due after.
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Aussie bonds have richened after the cash open as Sydney participants react to the wider movements observed in core FI markets in the wake of Thursday’s BoE decision, with a light bid in U.S. Tsys aiding the move higher in the space. Little by way of notable macro headline drivers have been observed so far, with focus centred on the RBA’s quarterly Statement on Monetary Policy (SoMP), due later. Cash ACGBs run 2.0-6.5bp richer across the curve, with the belly leading the bid. YM is +4.5 and XM is +7.0, with the latter showing through its overnight high. Bills run 1 to 5 ticks richer through the reds, bull flattening.

  • Results from the latest round of A$700mn ACGB Apr-27 supply are due at the top of the hour, with the RBA’s SoMP and the weekly AOFM issuance slate due after.