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Firmer On Tsy Lead & Equity Weakness, Curve Bull Steepens

AUSSIE BONDS

Futures firm on the back of the rally in U.S. Tsys, which came on softer than expected U.S. labour market data and weakness in equities, which was centred on the U.S. bank sector.

  • YM sits +8.2 and XM is +5.7, while wider cash ACGB trade sees 2-8bp of richeneing as the curve bull steepens.
  • Bills are 6-9bp richer through the reds.
  • RBA-dated OIS comes in a touch given the moves in Tsys and ACGBs, with terminal cash rate pricing showing around 4.00% at present.
  • Local headline flow has been a little limited since yesterday’s Sydney close, leaving global developments at the fore.
  • Pre-NFP gyrations, futures roll activity and the weekly AOFM issuance slate will provide the points of focus on Friday, given the lack of tier 1 data domestically. Meanwhile, participants will also look to the latest BoJ monetary policy decision (no changes are expected, although many are aware of the risks of a surprise as the Kuroda era comes to an end).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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