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Free AccessFirmer, Front End Leads The Bid
Aussie bonds firmed on Friday. A weaker USD surrounding Chinese re-opening hopes was a primary driver for a bid in U.S. Tsys which supported ACGBs during the latter rounds of Sydney dealing.
- EFPs were narrower all day, with receiver side flows in swaps lending a helping hand to ACGBs during early trade. This saw EFPS edge a little further away from cycle wides after the recent surge wider.
- YM was +11.0 at the bell, with XM +7.0, building on the overnight bounce from post-Sydney lows, while wider cash ACGB trade saw 7.5-11bp of richening as the curve bull steepened.
- The space looked through the latest round of economic projections provided in the RBA’s SoMP (with the major releases already flagged in Bank’s post-meeting statement earlier in the week, as is the norm).
- Elsewhere, slightly softer than expected Q3 real retail sales data was accompanied by negative revisions to the Q2 print,
- Bills were 6-16bp richer through the reds, with the backend of the whites and front end of the reds outperforming. RBA dated OIS has come in a touch more, pointing to a terminal cash rate of just over 4.00%.
- Looking ahead, next week’s domestic highlights include an address from RBA Deputy Governor Bullock (Wednesday), CBA household consumption data, NAB business and Westpac consumer confidence surveys (all due Tuesday) & inflation expectations (Thursday). We will also get the syndication of the new ACGB May-34.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.