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FIFA WWC Boosts Retail Spending, Rates Little Changed

AUSSIE BONDS

ACGBs (YM -2.0 & XM +1.0) are little changed after the data drop, despite retail sales printing a stronger-than-expected +0.5% m/m in July versus expectations of +0.3%. “The rise in July was boosted by additional spending at catering and takeaway food outlets linked to the 2023 FIFA Women’s World Cup and school holidays,” said Ben Dorber, ABS head of retail statistics.

  • The cash ACGB curve has twist flattened, with yields 1bp higher to 1bp lower on the day. The AU-US 10-year yield differential is -2bp at -10bp.
  • Swap rates are also mixed, with pricing 1bp higher to 1bp lower on the day. EFPs are little changed, with the curve flatter.
  • The bills strip has bear-steepened, with pricing -1 to -4.
  • RBA-dated OIS is little changed after the data and flat to 4bp firmer on the day.
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