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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.
AUSSIE BONDS
ACGBs spike richer after the RBA holds the cash rate steady at 3.60%, as expected, to be up strongly on the day (YM + 10.0 & XM +8.0) but off post-RBA bests. The RBA board watered down previously hawkish forward guidance by stating “some further tightening of policy may be needed” while stating that a range of data suggests inflation has peaked and that the global economy remains subdued. The bank also believed that bank stress would lead to tighter global financial conditions.
- Cash ACGBs are 3-5bp richer after the RBA decision to be 8-10bp stronger on the day.
- Swaps rates are also 3-5bp lower post-RBA.
- Bills strip strengthens 6-8bp after the RBA decision with pricing +4 to +12bp with the whites leading.
- RBA dated OIS pricing is flat to 7bp softer across meetings after the RBA decision.
Figure 1: RBA Dated OIS: Post-RBA Vs. Pre-RBA
Source: MNI – Market News / Bloomberg
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.
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