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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
The RBA Minutes for April are due to be released soon (0230 BST). After the RBA left the cash rate unchanged at 3.6% with forward guidance shifting dovishly, the market will be dissecting the Minutes for clues on what could prompt the RBA to resume tightening, particularly ahead of the 26 April release of Q1 CPI.
- RBA-dated OIS pricing is 1-3bp firmer for meetings beyond July. A 26% chance of a 25bp hike in May is priced with a cumulative 13bp of tightening priced by August.
- Year-end easing expectations are at 12bp versus 29bp ahead of the Easter holiday.
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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