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Little Changed, Market Looks To US Payrolls Later Today

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ACGBs (YM +1.0 & XM flat) are slightly stronger after US tsys finished flat to 5bps richer, with the curve steeper. No new insight from Fed Chairman Powell on Thursday as he repeated Wednesday's policy testimony to Congress. US tsys rallied early in the NY session after lower-than-expected Unit Labor Costs (0.4% vs. 0.7% est).

  • In line with Powell’s thinking, European Central Bank president Christine Lagarde said she and her colleagues aren’t “sufficiently confident” at present to commence monetary easing, but a window may open soon.
  • The S&P 500 reset its record high and record closing high with a gain of 0.9%.
  • The market now awaits February US Non-Farm Payrolls later today.
  • (AFR) Morgan Stanley: “Are payrolls really as strong as the recent prints suggest? We don’t think that weather accounts for all of the strength, nor do we think that activity has accelerated as much as headline growth would seem to suggest. The 205k rise that we forecast for payrolls is slower than Dec/Jan but not as soft as the about 170k per month averaged in Oct/Nov.”
  • Cash ACGBs are flat to 1bp richer, with the AU-US 10-year yield differential 3bps higher at -7bps.
  • Swap rates are little changed.
  • The bills strip pricing is flat to +2.
  • RBA-dated OIS pricing is little changed.
  • Today, the local calendar is empty.
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ACGBs (YM +1.0 & XM flat) are slightly stronger after US tsys finished flat to 5bps richer, with the curve steeper. No new insight from Fed Chairman Powell on Thursday as he repeated Wednesday's policy testimony to Congress. US tsys rallied early in the NY session after lower-than-expected Unit Labor Costs (0.4% vs. 0.7% est).

  • In line with Powell’s thinking, European Central Bank president Christine Lagarde said she and her colleagues aren’t “sufficiently confident” at present to commence monetary easing, but a window may open soon.
  • The S&P 500 reset its record high and record closing high with a gain of 0.9%.
  • The market now awaits February US Non-Farm Payrolls later today.
  • (AFR) Morgan Stanley: “Are payrolls really as strong as the recent prints suggest? We don’t think that weather accounts for all of the strength, nor do we think that activity has accelerated as much as headline growth would seem to suggest. The 205k rise that we forecast for payrolls is slower than Dec/Jan but not as soft as the about 170k per month averaged in Oct/Nov.”
  • Cash ACGBs are flat to 1bp richer, with the AU-US 10-year yield differential 3bps higher at -7bps.
  • Swap rates are little changed.
  • The bills strip pricing is flat to +2.
  • RBA-dated OIS pricing is little changed.
  • Today, the local calendar is empty.