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Post-Fed Dynamic & Payside Swap Flows Aid Cheapening


YM & XM have extended on their late overnight session lows in early Sydney trade, as the impulse from the latest monetary policy decision from the U.S. Federal Reserve filters through. YM -11.0 & XM -8.0, with the wider cash ACGB curve seeing 8.5-10.5bp of cheapening as the curve bear flattens.

  • EFPs are wider again today, indicating that payside swap flows are aiding the move.
  • Bills run flat to 12bp cheaper through the reds.
  • Terminal pricing of the cash rate via RBA dated OIS has pushed higher post-Fed, rising by just over 10bp to print at 4.20%, with a steady 25-26bp of tightening priced in for next month’s RBA meeting.
  • Final services and composite PMI data from S&P Global and the monthly trade balance reading headline the domestic docket today.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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