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MNI China Daily Summary: Tuesday, March 28

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Holding Firmer Post-FOMC, Curve Bull Steepens

AUSSIE BONDS
HomepageBond Market NewsBulletMarketsFixed Income News

An FOMC-driven bid broke the tight ranges observed in Aussie bond futures during the lead up to Wednesday’s major risk event, with early Sydney trade seeing those gains consolidated. YM is +7.0 as a result, while XM also shows +7.0, both operating a touch shy of their late overnight session peaks. Meanwhile, wider cash ACGB trade sees 5.0-7.5bp of richening, as the curve bull steepens.

  • The Bill strip has bull flattened, with the contracts running 4-11bp richer through the reds. RBA dated OIS continues to near enough fully price a 25bp hike for next week’s meeting, showing ~23bp of tightening, while terminal cash rate pricing shows between 3.70% & 3.75%, backing off from the ~3.80% zone post-FOMC.
  • Building approvals data and the Q4 NAB business survey headline domestically today, with post-FOMC adjustments set to dominate.
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An FOMC-driven bid broke the tight ranges observed in Aussie bond futures during the lead up to Wednesday’s major risk event, with early Sydney trade seeing those gains consolidated. YM is +7.0 as a result, while XM also shows +7.0, both operating a touch shy of their late overnight session peaks. Meanwhile, wider cash ACGB trade sees 5.0-7.5bp of richening, as the curve bull steepens.

  • The Bill strip has bull flattened, with the contracts running 4-11bp richer through the reds. RBA dated OIS continues to near enough fully price a 25bp hike for next week’s meeting, showing ~23bp of tightening, while terminal cash rate pricing shows between 3.70% & 3.75%, backing off from the ~3.80% zone post-FOMC.
  • Building approvals data and the Q4 NAB business survey headline domestically today, with post-FOMC adjustments set to dominate.