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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
Guided by the global banking crisis narrative rather than local data strength, AU STIR closed last week with the market not just pricing an April meeting policy pause by the RBA, but an end to the tightening cycle with around 15bp easing by year-end.
- The market has added to last week’s move today with RBA-dated OIS pricing 23-29bp softer for meetings beyond May with a cumulative 37bp of easing priced by year-end.
- Comments from RBA Assistant Governor Kent today appeared to give pricing a boost. First, when he stated that “…it’s likely to take longer than usual to see the full effect of higher interest rates…” and secondly when he noted that the RBA will consider (among other issues) the banking crisis at the April meeting.
Figure 1: RBA Dated OIS: Today Vs. Friday
Source: MNI – Market News / Bloomberg
Figure 2: RBA Dated OIS: Today Vs. Friday
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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