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Little Changed, Subdued Data Light Session

AUSSIE BONDS

ACGBs (YM flat & XM +0.5) are little changed after dealing in narrow ranges in a data light session.

  • Cash US tsys are ~1bp richer in today’s Asia-Pac session after finishing last week with a directionless session.
  • Cash ACGBs are flat to 1bp richer, with the AU-US 10-year yield differential at -4bps.
  • Swap rates are flat.
  • The bill strip pricing is flat to -1.
  • RBA-dated OIS pricing is little changed. A cumulative 15bps of easing is priced by year-end.
  • The local calendar will see Westpac Consumer Confidence tomorrow. However, the focus will be on May’s CPI Monthly on Wednesday. Economists caution that the CPI Monthly is only partial data, but even so, it will provide insight into how services inflation is unfolding through the June quarter. Consensus forecasts for the May indicator suggest an acceleration in the annual inflation pace to 3.8 per cent in May, from 3.6 per cent in April (per AFR).
  • RBA Christopher Kent, Assistant Governor (Financial Markets), will give a speech at the ABA Banking Conference on Wednesday.
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