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Holding Sharply Richer Despite Jobs Beat, Little Net Change Post-Data

AUSSIE BONDS

In futures roll-impacted dealings, ACGBs (YM +23.6 & XM +20.6) remain sharply richer higher but little changed after a comfortable headline job beat of +61.5k versus +11.5k forecast). Most of the jobs created were full-time as well. The u/e rate ticked up to 3.9%, (3.8% forecast), but this reflected a bounce in the participation rate to 67.2% (66.9% forecast).

  • Cash US tsys are dealing 1-4bps richer so far in today's Asia-Pac session after yesterday's strong post-FOMC rally.
  • Cash ACGBs are 18-22bps richer, with the AU-US 10-year yield differential 2bps wider at 11bps.
  • Swap rates are 21-25bps lower, with the 3s10s curve steeper.
  • The bills strip has bull-flattened, with pricing +13 to +32.
  • RBA-dated OIS pricing is 10-30bps softer on the day across meetings beyond Feb’24. There has been little net movement since the data releases. 63bps of easing is priced by Feb’25.
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