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Little Changed, Participants On Sideline Ahead Of US Payrolls, RBA Hauser Speaking

AUSSIE BONDS

ACGBs (YM +1.0 & XM -0.5) are dealing little changed, with ranges narrow and volumes light, in a typical pre-US Non-Farm Payrolls Friday session. The report is expected to show that the US added 180,000 jobs in May, while the unemployment rate remained steady.

  • Today's local calendar highlights are Foreign Reserves data (due later) and RBA Deputy Governor Andrew Hauser’s Fireside Chat at Australia’s Economic Outlook event (underway, watch here).
  • Cash ACGBs are 1bp richer to 1bp cheaper, with the 3/10 curve steeper and the AU-US 10-year yield differential at -6bps.
  • Swap rates are flat to 1bp lower.
  • The bills strip is little changed, with pricing +/- 1.
  • RBA-dated OIS pricing is 1-2bps softer for 2025 meetings. A cumulative 9bps of easing is priced by year-end.
  • Next week’s local calendar is empty on Monday, with most states celebrating the King’s Birthday holiday. On Tuesday, we see the release of NAB Business Confidence followed by the Employment Report on Thursday.
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