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Futures Look Through Overnight Lows, More Infrastructure Spending Eyed
The major Aussie bond futures contracts look through their respective overnight bases. That leaves YM -3.0 and -7.5 after the contracts peeled away from their post-Sydney highs on weakness in UK Gilts & U.S. Tsys ahead of the weekend.
- The wider cash ACGB curve sees 3-7bp of cheapening, with a parallel shift in the 10+-Year zone.
- Bills run 1-5bp cheaper through the reds, with RBA dated OIS pricing a terminal rate just above 4.10%, 5bp or so higher vs. levels seen late Friday.
- The weekend saw the Australian government reveal a pledge to spend A$9.6 billion on infrastructure projects, which will be formalised in the upcoming Budget. PM Albanese noted that “sound and planned infrastructure investment in Australia creates jobs, builds opportunity and unlocks economic growth and productivity for our cities and our regions.”
- The local docket is empty on Monday, but participants will be on the lookout for delayed monthly Chinese trade balance data.
- The minutes from the RBA’s most recent monetary policy meeting (due Tuesday) and monthly labour market report (due Thursday) headline this week’s domestic docket.
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