Post-NFP Impetus Drives Cash Reopen, Futures Steady Ahead Of Forward-Looking Data

Bear-steepening impetus generated by a strong U.S. NFP report released after Sydney hours last Friday drove price action at the start to the new week. Cash ACGB yields last sit 5.3-7.2bp higher across the curve, holding tight ranges near opening levels.

• Futures ground away from initial lows but have now stabilised, with YM last -5.5 & XM -6.5. Bills trade 2-6 ticks lower through the reds.
• This week will see a lot of forward-looking Australian data, which will be important for the RBA outlook. The series starts with CBA Household Spending Intentions tomorrow.
• Public holidays in Japan and the U.S. reduce the likelihood of any spillovers from offshore bond markets in Asia-Pac hours, although China returns from a week-long holiday today.