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Overnight Gains Held, No Impact From New Monthly CPI Reading

AUSSIE BONDS

Aussie bond futures stuck within the upper end of their respective overnight ranges during Sydney hours, with XM failing to force a break through its overnight peak on a re-test, while YM fell short of challenging its own post-Sydney high.

  • Participants shrugged off the domestic monthly CPI print, even with underlying inflation clearing the 6.0% Y/Y level in August (the RBA currently looks for underlying inflation to hit 6.0% in Q422), while the headline print eased a touch, back to 6.8 Y/Y vs. the 7.0% seen in July.
  • Elsewhere, we also saw a 2.1% fall in the job vacancies print (which is measured in Q/Q terms), accompanied by an upward revision to the prior print.
  • YM +14.0 & XM +19.0 last, back from their respective session highs, with the major cash ACGB benchmarks running 11-19bp richer on the session. 10s outperformed all day as the space played catch up to Wednesday’s BoE-driven bid in futures/wider core global FI markets.
  • Bills run 2-16bp richer through the reds.
  • Friday will see A$700mn of ACGB Nov-28 auctioned by the AOFM, as well as the release of the AOFM’s weekly issuance slate and private sector credit data.
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Aussie bond futures stuck within the upper end of their respective overnight ranges during Sydney hours, with XM failing to force a break through its overnight peak on a re-test, while YM fell short of challenging its own post-Sydney high.

  • Participants shrugged off the domestic monthly CPI print, even with underlying inflation clearing the 6.0% Y/Y level in August (the RBA currently looks for underlying inflation to hit 6.0% in Q422), while the headline print eased a touch, back to 6.8 Y/Y vs. the 7.0% seen in July.
  • Elsewhere, we also saw a 2.1% fall in the job vacancies print (which is measured in Q/Q terms), accompanied by an upward revision to the prior print.
  • YM +14.0 & XM +19.0 last, back from their respective session highs, with the major cash ACGB benchmarks running 11-19bp richer on the session. 10s outperformed all day as the space played catch up to Wednesday’s BoE-driven bid in futures/wider core global FI markets.
  • Bills run 2-16bp richer through the reds.
  • Friday will see A$700mn of ACGB Nov-28 auctioned by the AOFM, as well as the release of the AOFM’s weekly issuance slate and private sector credit data.