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AUSSIE BONDS

Aussie bonds have ticked higher as Sydney participants react to Monday’s core global FI moves which were driven by disappointing tier-2 domestic data from the U.S. (Empire manufacturing & the NAHB housing market index). Cash ACGBs run 9-13bp richer across the curve, with the 7- to 12-Year zone leading the bid. YM is +11.5 and XM is +13.5, with both contracts operating through their respective overnight highs at writing. Bills run 6 to 14 ticks richer through the reds, while 3- & 10-Year EFPs have narrowed by a touch over 1bp apiece. Note that the Australian/U.S. 10-Year yield spread has narrowed by ~7bp since yesterday’s Sydney close, although the spread remains comfortably within the recently observed range, printing around the +45bp mark.

  • The minutes of the RBA’s policy meeting for August will cross in around 45 minutes.
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Aussie bonds have ticked higher as Sydney participants react to Monday’s core global FI moves which were driven by disappointing tier-2 domestic data from the U.S. (Empire manufacturing & the NAHB housing market index). Cash ACGBs run 9-13bp richer across the curve, with the 7- to 12-Year zone leading the bid. YM is +11.5 and XM is +13.5, with both contracts operating through their respective overnight highs at writing. Bills run 6 to 14 ticks richer through the reds, while 3- & 10-Year EFPs have narrowed by a touch over 1bp apiece. Note that the Australian/U.S. 10-Year yield spread has narrowed by ~7bp since yesterday’s Sydney close, although the spread remains comfortably within the recently observed range, printing around the +45bp mark.

  • The minutes of the RBA’s policy meeting for August will cross in around 45 minutes.