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Off Best Levels Ahead of Jobs Data

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Ahead of the Employment Report for February (0030 GMT), ACGBs are firmer (YM +26.8 & XM +14.3) but off range extremes. Cash ACGBs are 12 to 23bp stronger with the curve +10bp. AU/US 10-year yield differential is +10bp at -14bp.

  • Swaps are 9-20bp richer with EFPs wider.
  • Bills strip is +23bp to +40bp.
  • RBA dated OIS has softened 14-33bp for meetings beyond May in sympathy for global STIR. Moreover, the market has once again (the first time was on Tuesday) signalled a halt to the tightening cycle. April meeting pricing has softened to -2bp with a full 25bp rate cut priced by year-end.
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Ahead of the Employment Report for February (0030 GMT), ACGBs are firmer (YM +26.8 & XM +14.3) but off range extremes. Cash ACGBs are 12 to 23bp stronger with the curve +10bp. AU/US 10-year yield differential is +10bp at -14bp.

  • Swaps are 9-20bp richer with EFPs wider.
  • Bills strip is +23bp to +40bp.
  • RBA dated OIS has softened 14-33bp for meetings beyond May in sympathy for global STIR. Moreover, the market has once again (the first time was on Tuesday) signalled a halt to the tightening cycle. April meeting pricing has softened to -2bp with a full 25bp rate cut priced by year-end.