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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessHolding Weaker, Awaits Federal Budget Tomorrow
ACGBs are weaker (YM -10.0 & XM -7.0) but off session cheaps. The release of the April NAB business survey and March building approvals data failed to provide a meaningful local catalyst. Business confidence rose 1pt to flat while business conditions dropped to +14 from +16 in March. Building approvals data undershot expectations with a decline of 0.1% m/m in March (+3.0% est.) following a revised +3.9% in February.
- Without meaningful macro news flow US tsys are little changed in Asia-Pac trade.
- Cash ACGBs are 7-10bp weaker but off the worst levels set in morning trade (10-13bp cheaper). The 3/10 cash curve is 3bp flatter with the AU-US 10-year yield differential +2bp at -4bp.
- The swaps curve is 2bp flatter with rates 5-7bp higher on the day. EFPs are 2bp tighter.
- The bills strip is steeper but with pricing off session cheaps at -3 to -11.
- RBA dated OIS pricing is 5-9bp firmer for meetings beyond October with early'24 leading.
- Treasurer Chalmers is slated to hand down the Federal Budget tomorrow. If it turns out to be significantly expansionary then RBA rate expectations may be affected. BBG consensus expects a A$5.35bn deficit, 0.25% of GDP for FY23.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.