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Local Participants On The Sidelines Ahead Of US CPI Data

AUSSIE BONDS

ACGBs (YM -2.0 & XM -2.0) show a slight weakening following a subdued trading session, ahead of crucial US CPI data later today. The domestic market lacked significant catalysts, with the previously highlighted trade balance data failing to have a substantial impact on market movements.

  • Asian participants, too, have demonstrated a cautious approach to US tsys, opting to remain on the sidelines. This has resulted in minimal changes in cash US tsys during today's Asia-Pacific session.
  • Cash ACGBs are 1-2bps cheaper, with the AU-US 10-year yield differential 1bp wider at +11bps.
  • Swap rates are 2-3bps higher, with EFPs slightly wider.
  • The bills strip has slightly bear-steepened, with pricing flat to -4.
  • RBA-dated OIS pricing is flat to 3bps firmer across meetings, with December leading. A cumulative 51bps of easing is priced by year-end.
  • Tomorrow, the local calendar is relatively light, with Home Loans data as the sole release.
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