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RBA Day, Cheaper Overnight

AUSSIE BONDS

YM and XM operate a little above their overnight lows in early Sydney trade, dealing -5.0 and -7.0, respectively, after wider core global FI market moves biased the space lower in post-Sydney dealing.

  • Wider cash ACGBs have seen 5-7bp of cheapening across the curve, bear steepening.
  • Bills run 5-12bp cheaper through the reds, also bear steepening.
  • The latest RBA monetary policy decision provides the major regional risk event today. A 25bp hike is the consensus view of economists after last month’s slowing in the pace of tightening, while RBA dated OIS currently prices in ~32bp of tightening come the end of today’s meeting (See our full preview of that event here)
  • Caixin manufacturing PMI out of China will present a point of interest from the wider Asia-Pac region, although the impact from the RBA decision is set to dominate.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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