MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

Richer, Awaiting US CPI Data & The FOMC Minutes

AUSSIE BONDS

ACGBs (YM +3.0 & XM +8.0) are richer and near session highs. In the absence of domestic data, the local market has extended overnight moves in line with US tsys in today’s Asia-Pac session ahead of US CPI & the release of the FOMC Minutes. Cash US tsys are currently dealing 1bp richer. (See MNI U.S. CPI Preview: Apr 2024 - Key Framing Of Trends With June Cut Seen As A Coin Toss here)

  • The latest round of ACGB Apr-27 supply went well, with pricing comfortably through mids and the cover ratio at a robust 3.8375x.
  • There has also likely been a positive spillover from a 1-3bps richening in NZGBs following the RBNZ Policy Decision. The RBNZ's April monetary policy decision delivered few surprises.
  • Cash ACGBs are 4-8bps richer, with the AU-US 10-year yield differential 3bps lower at -26bps, just above the bottom of the range it has traded in since late 2022.
  • Swap rates are 5-7bps lower, with the 3s10s curve flatter.
  • The bills strip has bull flattened, with pricing flat to +4.
  • RBA-dated OIS pricing is flat to 5bps softer across meetings, with early-25 leading. A cumulative 32bps of easing is priced by year-end.
  • Tomorrow, the local calendar sees CBA Household Spending and Consumer Inflation Expectations data.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

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.