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Off Session Bests Due To Strong Jobs & Weaker U.S. Tsys

AUSSIE BONDS

ACGBs remain richer on the day (YM +16.8 & XM +5.8) but pare back morning gains after stronger-than-expected employment data and in line with softer U.S. Tsys in Asia-Pac trade.

  • The February Employment Report delivered an increase of 64.4k jobs (+50k expected) and a lower-than-expected unemployment rate of 3.6% (3.7% expected).
  • U.S. Tsys have been pressured by reports that Credit Suisse was taking action to strengthen liquidity.
  • Cash ACGBs 6-16bp stronger with the 3/10 curve +10bp.
  • AU/US 10-year yield differential +12bp at -12bp.
  • Swaps are 4-15bp richer but 9bp off session bests.
  • RBA-dated OIS pricing is 29-33bp softer for meetings beyond May, but 3-5bp firmer from pre-employment data levels. April meeting pricing remains at -3bp with 30bp of easing priced by year-end.
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