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Narrow Ranges, Light Local Calendar, Eyes On RBA Next Tuesday

AUSSIE BONDS

In roll-impacted dealings, ACGBs (YM -5.0 & XM -5.8) are holding in weaker after trading in relatively narrow ranges in today’s Sydney session.

  • Earlier, CBA Household Spending fell 0.3% m/m (+3.5% y/y) versus +3.1% (+3.6%) prior. This represented the final data update before the forthcoming RBA Policy Decision scheduled for next Tuesday.
  • Cash ACGBs are 5-6bps cheaper, with the AU-US 10-year yield differential 1bp higher at -14bps.
  • Swap rates are 5-6bps higher.
  • The bills strip has bear-steepened, with pricing -1 to -5.
  • RBA-dated OIS pricing is flat to 4bps firmer across meetings, with later-24 leading. A cumulative 45bps of easing is priced by year-end.
  • (AFR) Seoul | Chinese steel mills are cutting production due to a global glut and a worsening property crisis, squeezing iron ore prices already weakened by stockpiling of the metal over the past months. (See link)
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