November 20, 2023 01:41 GMT
Holding Weaker Ahead Of RBA Minutes & Gov Bullock’s Appearance Tomorrow
ACGBs (YM -2.0 & XM -2.0) are holding in negative territory after dealing in relatively narrower ranges in today’s Sydney session.
- With the local calendar empty today, local participants have likely been eyeing US tsys in the Asia-Pac session ahead of tomorrow's release of the November RBA Minutes and Governor Bullock’s appearance at the ASIC Annual Forum.
- US tsys are holding cheaper in the Asia-Pac session today but ranges have been narrow. There has not been any meaningful macro news flow of note so far today. Cash tsys sit flat to 3bps cheaper across the major benchmarks. TYZ3 deals at 108-23, -0-01+ compared to NY closing levels on Friday.
- Cash ACGBs are 1-2bps cheaper, with the AU-US 10-year yield differential unchanged at +3bps.
- Swap rates are 3bps higher, with EFPs slightly wider.
- The bills strip has bear-steepened, with pricing -1 to -4.
- RBA-dated OIS pricing is flat to 3bps firmer across meetings with late ’24 leading.