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Free AccessPost-RBA Rise in Rate Hike Expectations Eases
Aussie bond futures traded in a relatively tight range ahead of U.S CPI data. After spending much of the day in negative territory YM and XM eked out gains of +1.0 and +2.0, respectively. Cash bonds were 2-3bp richer with the 3/10 cash curve flat on the day. The AU/U.S. 10-year yield differential was unchanged ~5bp.
- AU swaps rates were 1-3bp lower with the curve a tad steeper.
- Bills were flat to 3bp firmer along the strip.
- After a small push higher in morning trade RBA-dated OIS terminal rate expectations (Sep/Oct-23) reversed course mid-session to close at 4.12%, down 3bp on the day and down 10bp from yesterday’s intraday high of 4.22%.
- Local data delivered divergent paths for consumer and business confidence in January with Westpac’s measure of consumer sentiment declining 6.9% m/m and NAB business confidence rising for the second consecutive month to +6. The market took the data in its stride, instead focusing on U.S. CPI data, slated for NY hours.
- Looking ahead, Wednesday's local docket will be headlined by the appearance of Governor Lowe given the scrutiny surrounding his future in the press, along with speculation re: potential successors if his term is not extended.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.