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Firmer On International Dynamics

AUSSIE BONDS

Aussie bond futures operate around late overnight levels shortly after the re-open, with YM +10.0 & XM +12.5, just shy of their respective post-Sydney peaks, after a data-inspired uptick in fears re: a U.S. recession and the details/rhetoric surrounding the latest ECB decision more than reversed the initial knee-jerk lower that was observed in the wake of the ECB deploying a 50bp rate hike. Bills run 2-12bp richer through the reds, operating at/around their respective highs seen since Thursday’s Sydney close.

  • In domestic news flow, the political jousting surrounding the RBA continues, with the shadow Treasurer pushing back against PM Albanese’s recent suggestion that the RBA shouldn’t overreach when it comes to the current rate hiking cycle, pointing to a need to focus on fiscal matters so that spending doesn’t fan the inflationary flames.
  • Looking ahead, flash PMI data, A$700mn of ACGB Sep-26 supply and the release of the weekly AOFM issuance slate provide the major domestic points of focus ahead of the weekend.
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Aussie bond futures operate around late overnight levels shortly after the re-open, with YM +10.0 & XM +12.5, just shy of their respective post-Sydney peaks, after a data-inspired uptick in fears re: a U.S. recession and the details/rhetoric surrounding the latest ECB decision more than reversed the initial knee-jerk lower that was observed in the wake of the ECB deploying a 50bp rate hike. Bills run 2-12bp richer through the reds, operating at/around their respective highs seen since Thursday’s Sydney close.

  • In domestic news flow, the political jousting surrounding the RBA continues, with the shadow Treasurer pushing back against PM Albanese’s recent suggestion that the RBA shouldn’t overreach when it comes to the current rate hiking cycle, pointing to a need to focus on fiscal matters so that spending doesn’t fan the inflationary flames.
  • Looking ahead, flash PMI data, A$700mn of ACGB Sep-26 supply and the release of the weekly AOFM issuance slate provide the major domestic points of focus ahead of the weekend.