Free Trial
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
The RBA is expected to remain on hold at its policy decision meeting tomorrow, taking advantage of the Q1 core CPI undershoot to assess the impact of the 350bp of tightening that has been delivered to date.
- RBA dated OIS is currently attaching only a 10% chance of a 25bp hike tomorrow versus 36% ahead of Q1 CPI data.
- Terminal rate expectations, which have centred on the August meeting, have also been scaled back with current pricing at 3.71%, 14bp of cumulative tightening, versus 3.79% pre-CPI data.
- AU STIR continues to price in policy easing by year-end. Easing expectations currently sit at 14bp versus 8bp ahead of the CPI data.
Figure 1: RBA-Dated OIS – Today Vs. Pre-CPI Levels
Source: Bloomberg / MNI - Market News
Figure 2: Cash Rate & RBA-Dated OIS
Source: Bloomberg / MNI - Market News
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok