Flat To A Touch Cheaper

Futures oscillated in tight ranges during the post-Sydney session, leaving YM -2.0 & XM at unchanged levels at typing, after a flat start to Thursday trade.

• Meanwhile, the major cash ACGB benchmarks sit 0.5-1.5bp cheaper across the curve.
• Bills sit unchanged to -3 through the reds, bear flattening.
• RBA dated OIS is little changed when it comes to pricing for the Feb ’23 meeting and the terminal cash rate.
• Headlines surrounding the ministerial level Sino-Aussie meeting in Beijing have continued to do the rounds but have been inconsequential for ACGBs.
• As we have noted elsewhere, participants will be on headline watch with the local docket empty, while the time of the year may give rise to pre-Christmas book squaring amidst a lower liquidity backdrop.