CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Richer, At Sydney Session Highs, No Cash US Tsy Dealings

AUSSIE BONDS
BulletMarketsFixed Income BulletsHomepage

ACGBs (YM +2.0 & XM +3.5) are richer and at Sydney session highs. With the local calendar light and cash US tsys closed for observance of the Memorial Day holiday, volumes have been light.

  • The local highlights of the week include Tuesday’s Retail Sales and Wednesday’s CPI for April. After the RBA revised up its 2024 headline and trimmed mean CPI forecasts, there is likely to be even more scrutiny of inflation data. Bloomberg consensus expects it to ease 0.1pp to 3.4% but it is worth noting that the first month of the quarter does not include updated services components, the sector the RBA is principally concerned about.
  • Cash ACGBs are 2-3bps richer.
  • Swap rates are 2-3bps lower, with the 3s10s curve flatter.
  • The bills strip has bull-flattened, with pricing flat to +3.
  • RBA-dated OIS pricing is flat to 2bps softer across meetings. 7bps of easing is priced by year-end.
  • (Bloomberg) Goldman Sachs Group Inc. reckons money market pricing for Australian interest-rate cuts over the next 12 months is “too shallow,” forecasting instead that cooling inflation and rising unemployment will force the Reserve Bank to act earlier. (See link)
187 words

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.

ACGBs (YM +2.0 & XM +3.5) are richer and at Sydney session highs. With the local calendar light and cash US tsys closed for observance of the Memorial Day holiday, volumes have been light.

  • The local highlights of the week include Tuesday’s Retail Sales and Wednesday’s CPI for April. After the RBA revised up its 2024 headline and trimmed mean CPI forecasts, there is likely to be even more scrutiny of inflation data. Bloomberg consensus expects it to ease 0.1pp to 3.4% but it is worth noting that the first month of the quarter does not include updated services components, the sector the RBA is principally concerned about.
  • Cash ACGBs are 2-3bps richer.
  • Swap rates are 2-3bps lower, with the 3s10s curve flatter.
  • The bills strip has bull-flattened, with pricing flat to +3.
  • RBA-dated OIS pricing is flat to 2bps softer across meetings. 7bps of easing is priced by year-end.
  • (Bloomberg) Goldman Sachs Group Inc. reckons money market pricing for Australian interest-rate cuts over the next 12 months is “too shallow,” forecasting instead that cooling inflation and rising unemployment will force the Reserve Bank to act earlier. (See link)