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Off Lows; Gov. Lowe’s Speech Eyed After Solid Q2 GDP Print

AUSSIE BONDS

Aussie bonds have edged away from session lows, having unwound a downtick observed after the release of Q2 GDP, which met expectations on a Q/Q basis (+0.9% Q/Q vs. BBG median +0.9%), while recording a slight beat on the Y/Y print (+3.6% vs. BBG median +3.4%).

  • Cash ACGBs run 3.5-7.5bp cheaper across the curve, with the 10- to 15-Year zone leading the way lower.
  • YM is -5.0 and XM is -9.0, with both contracts having failed to stage a clear breach of their respective overnight bases so far. EFPs are little changed, while Bills run 1 to 6 ticks cheaper through the reds.
  • The Q2 GDP result was contributed in part by the 2.2% rise in household spending and 5.5% increase in exports, with the solid headline print possibly validating expectations from some quarters re: further RBA hawkishness.
  • Focus domestically now turns to a speech by RBA Gov. Lowe on Thursday.
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