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AUSSIE BONDS: Heavy Session Despite Empty Local Calendar

AUSSIE BONDS
BulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM -7.0 & XM -9.5) are slightly above Sydney session lows but remain sharply weaker on a data-light session. 

  • Today, the local calendar was empty apart from RBA's Jones-Fireside Chat at Conexus at the Superannuation Chair Forum. The next data releases are CoreLogic Home Value and S&P Global PMI Mfg on January 2.
  • While cash US tsys are little changed in today’s Asia-Pac session, Friday’s heavy session continues to weigh on the local market.
  • US data this week includes MNI PMI and Pending Home Sales on Monday, FHFA housing data on Tuesday, weekly claims and construction spending on Thursday, and ISMs on Friday.
  • Cash ACGBs are 6-9bps cheaper with the AU-US 10-year yield differential at -15bps.
  • Swap rates are 3-7bps higher, with the 3s10s curve steeper.
  • The bills strip is weaker, with contracts -2 to -4.
  • RBA-dated OIS pricing is flat to 4bps firmer across meetings, with August. A 25bps rate cut is more than fully priced by April (124%), with a 58% probability of a February cut. 
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ACGBs (YM -7.0 & XM -9.5) are slightly above Sydney session lows but remain sharply weaker on a data-light session. 

  • Today, the local calendar was empty apart from RBA's Jones-Fireside Chat at Conexus at the Superannuation Chair Forum. The next data releases are CoreLogic Home Value and S&P Global PMI Mfg on January 2.
  • While cash US tsys are little changed in today’s Asia-Pac session, Friday’s heavy session continues to weigh on the local market.
  • US data this week includes MNI PMI and Pending Home Sales on Monday, FHFA housing data on Tuesday, weekly claims and construction spending on Thursday, and ISMs on Friday.
  • Cash ACGBs are 6-9bps cheaper with the AU-US 10-year yield differential at -15bps.
  • Swap rates are 3-7bps higher, with the 3s10s curve steeper.
  • The bills strip is weaker, with contracts -2 to -4.
  • RBA-dated OIS pricing is flat to 4bps firmer across meetings, with August. A 25bps rate cut is more than fully priced by April (124%), with a 58% probability of a February cut.