Free Trial
US OUTLOOK/OPINION

RBC: Time For The Doves To Spread Their Wings

STIR

BLOCK, SOFR Conditional Curve Steepener

GBPUSD TECHS

Bullish Price Sequence

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
AUSSIE BONDS

Aussie bonds reversed losses observed after the release of firmer than expected Australian retail sales data, with core FI markets catching a bid on the release of German NRW CPI data, pointing to easing inflation in Germany’s most populous state (details on data release fleshed out earlier).

  • YM and XM are +4.5 and +1.0 respectively, operating around session highs and a little below Tuesday’s best levels, while bills run 1-2 ticks firmer through the reds. Cash ACGBs have bull steepened, running 1.0bp to 5.0bp richer across the curve, with the release of NRW CPI data unwinding the bear steepening seen just prior, with yields running flat to 5.0bp higher then.
  • STIR markets are continuing to price in ~45bp of tightening for the RBA’s July meeting, little changed on the week, with a cumulative ~244bp priced in for calendar ‘22 (up from ~240bp at the beginning of the week).
  • The local data docket sees May job vacancies and private sector credit due (0230 BST) on Thursday, with A$1.0bn of the 9 Sep ‘21 and A$1.5bn of the 7 Oct ‘22 Treasury Notes on tap.

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.