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Marginally Steeper Start

US TSYS

Cash tsys have opened dealing 2bps richer to flat across the major benchmarks, light bull steepening is apparent. Local participants have faded Tuesday's front end weakness perhaps using the opportunity to enter fresh long positions/close shorts. TYZ3 deals at 106-13+, +0-02, a narrow 0-02 range has been observed.

  • Q3 CPI data from Australia is due at the bottom of the hour. Headline is forecast to ease to 5.3% y/y from 6% in Q2, helped by base effects. Q3 trimmed mean is also expected to be lower at 5%.

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