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Holding Slightly Weaker, US Tsys Firm In Asia-Pac Trade

AUSSIE BONDS

ACGBs are holding weaker (YM -3.0 & XM -3.0) after trading in a relatively tight range in the Sydney session. ACGBs are however off session cheaps assisted by a 2-3bp firming US Tsys in early Asia-Pac trade. A light Asia-Pac data calendar leaves local participants on headline watch ahead of Q1 US GDP later today.

  • Australian trade data surprises on the upside with Export Prices +1.6% Q/Q and Import Prices -4.2% Q/Q versus expectations of -2.6% and +0.5% respectively. The data didn’t appear to have any immediate impact on the market.
  • Cash ACGBs are 2-3bp cheaper with the 3/10 curve 1bp steeper.
  • Swap rates are 2-3bp higher with EFPs little changed.
  • Bills strip pricing is -3 to -4.
  • RBA dated OIS pricing is flat to 3bp firmer across meetings with August leading.
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