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Richer After Jobs Data Undershoot

AUSSIE BONDS

ACGBs are 6-7bp stronger (YM flat & XM flat) after the Employment Report undershoots expectations with a print of -4.3k m/m in April versus expectations of +25k and delivers an unexpected lift in the unemployment rate to 3.7% (3.5% est.) from 3.5%.

  • Cash ACGBs are 6-7bp richer after the data to be flat to 1bp cheaper on the day with the AU-US 10-year yield differential -2bp at -12bp.
  • Swap rates are 1-2bp higher on the day versus session highs of 8-12bp higher. The 3s10s curve is +1bp after the data at 2bp flatter.
  • The bills strip is 3-9bp richer after the data with pricing +1 to -3.
  • RBA dated OIS shunts 6-8bp softer after the data for meetings beyond September.
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