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STIR
Ahead of the RBA Minutes for the March meeting today (0030 GMT), RBA dated OIS pricing is mixed with meetings out to July 2-6bp firmer and meetings beyond 2-4bp softer. April meeting is back to flat after pricing 4bp of easing yesterday.
- The RBA Minutes will provide further details on the dovish shift at the March meeting.
- With the market not just pricing a policy pause at the April meeting but an end to the tightening cycle, the market will be assessing whether it has overstretched by pricing around 45bp of easing by year-end.
Figure 1: RBA Dated OIS: Today Vs. Yesterday
Source: MNI – Market News / Bloomberg
Figure 2: RBA Dated OIS: Today Vs. Yesterday
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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