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Firmer & Flatter To Start, Labour Market Data Eyed

AUSSIE BONDS
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The flattening of the U.S. Tsy curve supported Aussie bond futures in post-Sydney dealing, resulting in bull flattening of the wider ACGB cash curve in early Sydney trade, with the major benchmarks running 8-12bp richer. Futures sit a touch off of their late overnight highs, with YM +7.0 & XM +11.0.

  • Bills are 1-13bp richer through the reds, with bull flattening in play.
  • RBA dated OIS pricing is marginally cheaper across the strip this morning, with terminal cash rate pricing in to ~3.80%.
  • There hasn’t been much in the way of meaningful domestic headline flow to drive matters since the Sydney close.
  • The latest monthly labour market report headlines the domestic docket today, with the BBG survey consensus looking for a +15K uptick in headline employment, alongside a steady round of unemployment and participation rate readings.
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The flattening of the U.S. Tsy curve supported Aussie bond futures in post-Sydney dealing, resulting in bull flattening of the wider ACGB cash curve in early Sydney trade, with the major benchmarks running 8-12bp richer. Futures sit a touch off of their late overnight highs, with YM +7.0 & XM +11.0.

  • Bills are 1-13bp richer through the reds, with bull flattening in play.
  • RBA dated OIS pricing is marginally cheaper across the strip this morning, with terminal cash rate pricing in to ~3.80%.
  • There hasn’t been much in the way of meaningful domestic headline flow to drive matters since the Sydney close.
  • The latest monthly labour market report headlines the domestic docket today, with the BBG survey consensus looking for a +15K uptick in headline employment, alongside a steady round of unemployment and participation rate readings.