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Give Back Part of Post-CPI Spike

AUSSIE BONDS

At the time of writing, ACGBs (YM -2.0 & XM -2.0) had given back 5bp of the 6-8bp gain sparked by the downside miss to CPI Monthly. February data printed +6.8% Y/Y versus expectations of 7.2% and 7.4% in January. Aiding the push away from session bests has been an e-mini-induced cheapening in U.S Tsys led by the 2-year (yield 3bp higher).

  • Cash ACGB benchmark yields are 2bp higher with the AU/US 10-year yield differential -5bp at -26bp.
  • Swaps rates are 1-2bp higher with EFPs slightly tighter.
  • Bills pricing is -1 to -6 with the strip steeper.
  • RBA dated OIS pricing is 1-3bp softer across meetings with 24bp of easing priced by year-end. April meeting pricing is at +2bp.
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