RBA Is Nearly Upon Us

Aussie bonds have been happy to follow the impulse from U.S. Tsys thus far, initially showing a touch below late post-Sydney dealing levels, before paring losses to trade little changed.

• That leaves YM at unchanged levels, with XM -1.0. Bills run 2-5 ticks lower through the reds.
• A quick look to the local docket, with Monday set to bring the release of the latest Melbourne Institute inflation data, in addition to the monthly ANZ job ads print. We shouldn’t see much in the way of market impetus/change in economic narratives in the wake of these releases, leaving focus on tomorrow’s RBA monetary policy decision (expect our full preview of that event to cross later in the day).
• Elsewhere, some focus will fall on the overnight cash rate setting which fixed at 0.07%, after Friday’s move higher to 0.09% (with cash “trading” as high as 0.15%) resulting in plenty of questions, with little in the way of answers, as the effective cash rate moved above 0.05% for the first time since Nov ’20.