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Firmer Overnight

AUSSIE BONDS
BulletMarketsFixed IncomeBond Market News

Aussie bonds futures experienced some notable firming in overnight trade, aided by the broader core global FI dynamics that have been covered previously. YM and XM finished a touch below their respective overnight highs, but still sit comfortably above yesterday’s settlement levels shortly after the Sydney re-open, with the former +14.5 and the latter +16.0, virtually in line with levels observed at the overnight close. A reminder that the Aussie bond curve bull steepened during Wednesday’s Asia-Pac session, aided by the broader market dynamics and Westpac Chief Economist Bill Evans providing an RBA view that was notably more dovish than existing market pricing.

  • Bills richened further overnight, with Fed rate hike premium pulled out of the market and general recession worry intensifying. That leaves the IR strip running 5-21bp richer through the reds, roughly in line with late overnight levels.
  • Flash PMI data headlines a thin domestic docket on Thursday and isn’t usually a market mover.
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Aussie bonds futures experienced some notable firming in overnight trade, aided by the broader core global FI dynamics that have been covered previously. YM and XM finished a touch below their respective overnight highs, but still sit comfortably above yesterday’s settlement levels shortly after the Sydney re-open, with the former +14.5 and the latter +16.0, virtually in line with levels observed at the overnight close. A reminder that the Aussie bond curve bull steepened during Wednesday’s Asia-Pac session, aided by the broader market dynamics and Westpac Chief Economist Bill Evans providing an RBA view that was notably more dovish than existing market pricing.

  • Bills richened further overnight, with Fed rate hike premium pulled out of the market and general recession worry intensifying. That leaves the IR strip running 5-21bp richer through the reds, roughly in line with late overnight levels.
  • Flash PMI data headlines a thin domestic docket on Thursday and isn’t usually a market mover.