Firmer To Start

A relatively steady pull higher for the space in early Sydney dealing, with soft weekly ANZ-Roy Morgan consumer confidence data (driven by concerns about both the economic outlook and household finances, with those that hold a mortgage once again experiencing a larger fall in confidence) and CBA flagging a relatively concentrated round of supportive areas when it comes to their latest household spending intentions survey, providing the domestic headlines of note thus far. Outside of that, it would seem that local participants are reacting to the wider moves observed in core global FI markets during overnight hours, leaving YM & XM 9.5 ticks above their respective settlement levels, while cash ACGB trade sees some very modest bull steepening, with the long end of the curve sitting ~7.5bp richer on the day. Bills run 3-12bp richer through the reds, bull flattening. Westpac consumer confidence and the latest NAB business confidence survey are still to come.