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Post-Payrolls Gains Pared

AUSSIE BONDS
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ACGBs (YM +4.0 & XM +2.5) are richer but early gains have been pared.

  • Home loan values fell 1.7% m/m (estimate +1.8%) in May versus +4.8% in April.
  • Cash US tsys are ~2bps cheaper in today's Asia-Pac session after Friday’s strong post-Payrolls rally. It may reflect some profit-taking along with a reaction to yesterday’s French election result and news on the PBoC bond purchases.
  • The PBoC will carry out temporary bond repurchase or reverse repurchase operations depending on the market situation during working days between 16:00 and 16:20.
  • Cash ACGBs are 3-4bps richer, with the AU-US 10-year yield differential at +8bps.
  • Swap rates are 3-4bps lower.
  • The bills strip has bull-flattened, with pricing +1 to +4.
  • RBA-dated OIS pricing is 1-4bps softer across meetings. Terminal rate expectations decline by 1bps to 4.48%.
  • (AFR) “Michele Bullock faces one of the toughest choices any Reserve Bank governor has confronted. The data is telling her that she is increasingly likely to suffer the dishonour of falling further behind in her mandate to restore inflation to 2.5 per cent (or 2 per cent to 3 per cent) within a reasonable timeframe.” (See link)
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ACGBs (YM +4.0 & XM +2.5) are richer but early gains have been pared.

  • Home loan values fell 1.7% m/m (estimate +1.8%) in May versus +4.8% in April.
  • Cash US tsys are ~2bps cheaper in today's Asia-Pac session after Friday’s strong post-Payrolls rally. It may reflect some profit-taking along with a reaction to yesterday’s French election result and news on the PBoC bond purchases.
  • The PBoC will carry out temporary bond repurchase or reverse repurchase operations depending on the market situation during working days between 16:00 and 16:20.
  • Cash ACGBs are 3-4bps richer, with the AU-US 10-year yield differential at +8bps.
  • Swap rates are 3-4bps lower.
  • The bills strip has bull-flattened, with pricing +1 to +4.
  • RBA-dated OIS pricing is 1-4bps softer across meetings. Terminal rate expectations decline by 1bps to 4.48%.
  • (AFR) “Michele Bullock faces one of the toughest choices any Reserve Bank governor has confronted. The data is telling her that she is increasingly likely to suffer the dishonour of falling further behind in her mandate to restore inflation to 2.5 per cent (or 2 per cent to 3 per cent) within a reasonable timeframe.” (See link)