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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 AccessLittle Changed Vs. Wednesday Settlement
The aforementioned gyrations in U.S. Tsys drove Aussie bond futures in post-Sydney trade, with the major contracts finishing overnight dealing just below neutral levels. That leaves YM -1.0 & XM -1.5, just below late overnight levels shortly after the Sydney re-open. Bills sit somewhere between 1-4bp cheaper through the reds.
- Wider central bank pricing gyrations continue to feed into RBA pricing at the margin, but the RBA path priced into markets ultimately is little changed vs. pre-August RBA levels (despite the notable tweaks to the statement to include previously outlined ideas, which presented a dovish tinge). Circa 40bp of tightening is priced into the OIS strip for the Bank’s September meeting, marginally below pre-RBA levels, with a year end cash rate of ~3.05% and terminal rate of ~3.30% currently priced. A reminder that the ‘Big 4’ all look for a 50bp rate hike at next month’s RBA decision.
- The monthly trade balance data headlines the domestic docket on Thursday. Wider expectations look for a slight narrowing in the headline trade surplus in June, with the BBG median looking for a surplus of A$14.0bn vs. the record wide A$15.965bn seen in May.
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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.