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STIR
RBA-dated OIS is sitting flat to 3bps firmer across meetings after today’s domestic data drop.
- Australia's June employment increased by 50,176 month-over-month, exceeding the estimated 20,000.
- The June jobless rate remained steady at 4.1%, matching expectations.
- Full-time employment rose by 43,327, while part-time employment increased by 6,849. The participation rate in June was 66.9%, slightly above the estimated 66.8%.
- Terminal rate expectations have jumped to 4.43% from 4.39% before the data. For reference, the expected terminal rate saw a peak of 4.52% in late June.
Figure 1: 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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