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Looks Through China Data

AUSSIE BONDS

ACGBs are basically unchanged (YMM3 -0.8 & XMM3 +2.1 ) after initially firming with U.S. Tsys after China Jan/Feb data drop.

  • While in aggregate the data confirmed that the recovery was on track, the rates market initially seemed focused on the weaker releases, namely the slightly weaker-than-expected IP print and the unexpected increase in the surveyed unemployment rate to 5.6% from 5.5% (5.3% expected). Fixed asset and property investment were the upside surprises.
  • 3/10 cash ACGB curve bull flattens 2bp in line with the twist flattening in U.S Tsys. The 10-year benchmark yield is -3bp (+8bp earlier in session).
  • Swaps are at or near session bests with rates 3-4bp lower.
  • RBA dated OIS is little changed from pre-China data levels.
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