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Modest Cheapening Observed As Post-Lowe Richening Unwinds

AUSSIE BONDS

ACGBs have nudged lower after the Sydney open, building on the impetus derived from the overnight cheapening in Aussie bond futures (derived from the cheapening in core global FI on Thursday following the ECB’s policy decision and comments from Fed Chair Powell).

  • Cash ACGBs sit 7.0-8.0bp cheaper across the curve, with the 10- to 20-Year zone leading the way lower. The move higher in yields across the curve has unwound much of the richening in ACGBs observed after RBA Governor Lowe’s comments on Thursday, with 3s back to its pre-speech ranges.
  • YM is -6.9 and XM is -7.5, with both contracts operating through their respective overnight lows. EFPs are little changed, while bills run 4 to 9 ticks cheaper through the reds, bear flattening.
  • The AOFM’s weekly issuance slate is due later, with no economic data releases of note scheduled.
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