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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.
STIR
In sympathy with movements in global STIR, RBA dated OIS has softened 21-34bp for meetings beyond May. Unlike most other markets, however, AU STIR has once again (the first time was on Tuesday) joined Canada in signalling a halt to the tightening cycle. AU STIR had taken a tentative step in reinstating the tightening cycle yesterday.
- April meeting pricing has softened to 2bp of easing versus 4bp of tightening yesterday.
- For comparison, U.S. and NZ STIR still have respectively 7bp and 15bp of tightening priced. CA STIR has around 10bp of easing priced for the BoC’s April meeting.
- With the peak in the cash rate seen (market’s view), the market is pricing a full 25bp cut from the RBA by year-end.
Figure 1: RBA Dated OIS: Today Vs. Yesterday
Source: MNI – Market News / Bloomberg
Figure 2: RBA Cash Rate & RBA Dated OIS Pricing
Source: MNI – Market News / Bloomberg
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.
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