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AUSSIE BONDS
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Aussie bond futures nudge away from their early Sydney base, although ranges remain tight, leaving YM -1.0 & XM -3.0, while wider cash ACGBs sit 1.5-2.5bp cheaper across the curve. EFPs are essentially unchanged on the day. Bills are now flat to 1bp cheaper through the reds. Ranges remain tight.

  • Local data was headlined by an uptick in the NAB business confidence reading, alongside a downtick in the conditions print. The survey is pointing to slower activity but at solid levels and continued tight capacity but with softening labour demand and price pressures, welcome developments for the RBA. However, NAB also noted that the fading of the post-COVID demand bounce and higher rates are impacting business.
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Aussie bond futures nudge away from their early Sydney base, although ranges remain tight, leaving YM -1.0 & XM -3.0, while wider cash ACGBs sit 1.5-2.5bp cheaper across the curve. EFPs are essentially unchanged on the day. Bills are now flat to 1bp cheaper through the reds. Ranges remain tight.

  • Local data was headlined by an uptick in the NAB business confidence reading, alongside a downtick in the conditions print. The survey is pointing to slower activity but at solid levels and continued tight capacity but with softening labour demand and price pressures, welcome developments for the RBA. However, NAB also noted that the fading of the post-COVID demand bounce and higher rates are impacting business.