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Jobs Report Inspires Mere Knee-Jerk Higher

AUSSIE BONDS

Australia's jobs data lend a modicum of support to ACGB space, but the reaction move proved shallow and short-lived. The report revealed a smaller than expected uptick in the unemployment rate, while participation shrank slightly more than projected. The economy shed more jobs than had been forecast, which was driven exclusively by losses in part-time positions.

  • Aussie bond futures knee-jerked higher but promptly resumed losses and re-tested session lows. YM last trades -2.0, with XM +3.5 at typing.
  • Cash space was subject to similar dynamics, yields caught brief hiccups but recovered without much delay. They last trade +3.0bp to -5.5bp across a twist-flattened curve.
  • Bills trade 1-3 ticks lower through the reds.
  • Aussie bonds earlier shrugged off comments from RBA Dep Gov Debelle and Australia's consumer inflation expectations, which moderated to +3.6% Y/Y in October from +4.4% recorded in September.
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