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Firmer On Wider Bid & NZ CPI, Focus Turns To Domestic Inflation

AUSSIE BONDS
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The trans-Tasman impetus derived from the NZ CPI data (which was softer than RBNZ projections in its latest MPS, in both headline and non-tradeable terms) has kept the space underpinned in early Sydney dealing, after futures drew support from the bid in core global FI markets during the overnight session. YM and XM have both bettered their overnight peak, although operate off best levels, sticking to narrow ranges during the early rounds of Wednesday’s Sydney session, last +8.0 & +7.5, respectively. Cash ACGBs have seen a fairly parallel 7-8bp shift.

  • Bills run 3-6bp richer through the reds, with RBA dated OIS coming in a touch in lieu of the NZ CPI print, last showing ~16bp of tightening for next month’s meeting, alongside a terminal cash rate of 3.50-3.55%.
  • The Westpac leading index reading is due before the headline risk event of Wednesday’s session, which will come in the form of Q4 & Dec CPI readings.
  • Local headline flow remains limited.
  • A reminder that Australia will observe the Australia Day holiday on Thursday, resulting in the closure of the country’s financial markets.
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The trans-Tasman impetus derived from the NZ CPI data (which was softer than RBNZ projections in its latest MPS, in both headline and non-tradeable terms) has kept the space underpinned in early Sydney dealing, after futures drew support from the bid in core global FI markets during the overnight session. YM and XM have both bettered their overnight peak, although operate off best levels, sticking to narrow ranges during the early rounds of Wednesday’s Sydney session, last +8.0 & +7.5, respectively. Cash ACGBs have seen a fairly parallel 7-8bp shift.

  • Bills run 3-6bp richer through the reds, with RBA dated OIS coming in a touch in lieu of the NZ CPI print, last showing ~16bp of tightening for next month’s meeting, alongside a terminal cash rate of 3.50-3.55%.
  • The Westpac leading index reading is due before the headline risk event of Wednesday’s session, which will come in the form of Q4 & Dec CPI readings.
  • Local headline flow remains limited.
  • A reminder that Australia will observe the Australia Day holiday on Thursday, resulting in the closure of the country’s financial markets.