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Holding Sharply Cheaper Ahead Of RBA Policy Decision

AUSSIE BONDS

ACGBs (YM -19.0 & XM -12.5) are holding sharply weaker, but off Sydney session cheaps ahead of today’s RBA Policy Decision.

  • The decision is announced at 1430 AEST with Governor Bullock holding a press conference at 1530 AEST. The RBA is widely expected to hold rates steady. The focus will be on the statement and accompanying forecasts (see MNI RBA Preview here).
  • Cash US tsys are ~4bps cheaper in today’s Asia-Pac session, extending the reversal in the direction seen yesterday.
  • Cash ACGBs are 7-14bps cheaper, with the AU-US 10-year yield differential at +15bps.
  • Swap rates are 10-20bps higher, with the 3s10s curve flatter.
  • The bills strip has bear-steepened, with pricing -9 to -21.
  • RBA-dated OIS pricing is 2-5bps firmer across meetings. A cumulative 32bps of easing is priced by year-end.
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