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Marginally Firmer On Monday

AUSSIE BONDS

ACGBs sits ~1bp richer across the major benchmarks, the early support seen after Friday's US Tsys rally was unwound through session however ranges remained narrow and Aussie Bonds held marginally richer.

  • XM and YM sit very lightly firmer from opening levels, narrow ranges have been observed for the most part.
  • With tomorrow's RBA meeting firmly in view, the Bloomberg Survey looks for a 25bp increase in the cash rate to 4.35%. RBA dated OIS have ~15bps of hikes priced in with a terminal rate of ~4.47% in June 24.
  • PM Albanese is in China meeting with President Xi Jinping today, the first meeting between an Australian PM and the Chinese President in 7 years.
  • The Melbourne Institute inflation gauge for October moderated to 5.1% Y/Y from 5.7%, its lowest since September 2022. It remains elevated but is off the 6.4% peak seen in January.
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