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Off Best Levels But Comfortably Richer; Lowe Boosts Bonds

AUSSIE BONDS

ACGBs are off best levels but sit comfortably richer at writing, with comments from the RBA’s Governor Lowe accelerating a pre-speech move higher (derived from the overnight bid in Aussie bond futures).

  • To elaborate, Gov. Lowe signalled a possible end to large rate hikes, stating that the case for slower rate hikes would grow as the cash rate rises, with a dip in the AUD and rally in core global FI markets observed after.
  • Cash ACGBs run 13.0-17.5bp richer across the curve, with the belly leading the bid. 3s sit 16.5bp richer at typing, after printing as much as 23bp richer earlier.
  • YM is +18.0 and XM is +15.0, with both contracts off their respective session highs but consolidating higher post-Lowe. EFPs are mixed, with 3-Year EFP narrowing and 10-Year EFP little changed, while Bills run 1 tick cheaper to 17 ticks richer through the reds.
  • Looking ahead, no domestic data releases of note are scheduled for Friday, with the AOFM’s weekly issuance slate due.
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