DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

RBA Terminal Rate Pricing Increases, ACGBs Pressured

AUSSIE BONDS

The Aussie bond space came under pressure alongside the steepening in JGBs and as U.S. Tsys registered fresh cycle cheaps, with the major cash ACGB benchmarks running 12-15bp cheaper on the day ahead of the close, bear steepening, but operating a little above worst levels of the session. YM prints -12.0 & XM is -14.0, with the latter printing through its September lows, allowing bears to focus on the cycle lows which were printed back in June.

  • The move accelerated as XM pressed through its September base.
  • 3-Year yields registered fresh cycle highs on the move.
  • Payside swap flows also helped, with EFPs pushing wider on the day.
  • Local news flow saw Treasurer Chalmers outline the expected GDP & inflation impact from the recent floods, which will be manageable, but served as preparatory remarks ahead of the release of the Federal Budget (due next Tuesday).
  • Bills run 3-25bp cheaper through the reds, with RBA terminal rate pricing extending above 4.40% in dated OIS.
  • Outside of the Budget, next week will also bring the quarterly CPI data (Wednesday) and an address from RBA’s Kent (Monday). Flash PMIs (Monday), terms of trade data (Thursday) & PPI readings (Friday) will also cross.
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

To read the full story

Close

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.