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Flat, Awaiting RBA Gov. Lowe's Speech

AUSSIE BONDS

ACGBs are little changed (YM +1.0 & XM +1.0) after trading in a relatively narrow range in the Sydney session.

  • Treasurer Chalmers will soon speak to Cabinet about the future of RBA Governor Lowe after he revealed he has consulted the opposition on the looming announcement. (See AFR article here).
  • Without domestic catalysts, local participants are likely watching headlines and US tsys ahead of Governor Lowe’s speech today. He is delivering a speech (0400 BST) to the Economic Society of Australia, titled ‘The Reserve Bank Review and Monetary Policy”. Investors will be hoping to gain insights into the central bank's level of concern regarding inflation after the policy pause this month. (See link)
  • Tsys have ticked away from session highs, this came alongside the USD extending losses as an offer in USD/JPY spilled over into broad-based greenback weakness. Ranges do remain narrow in tsys. Cash tsys sit flat to 1 bps richer across the major benchmarks, the curve is marginally flatter.
  • Cash ACGBs are 1bp richer with the AU-US 10-year yield differential -1bp at +21bp.
  • Swap rates are 1-2bp lower.
  • Bills pricing is -1 to +3 with the strip flatter.
  • RBA dated OIS 3-5bp softer for meetings beyond December.
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