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AUSSIE BONDS: Richer But A Subdued Session To End Holiday Shortened Week

AUSSIE BONDS
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ACGBs (YM +2.0 & XM +4.0) are holding stronger on another local-data-light session.

  • Cash US tsys haven’t dealt in today’s Asia-Pac session with Japan still out for its extended New Year’s break. TYH5 is, however, +0-05 versus NY closing levels at 108-31.
  • Cash ACGBs are 3-4bps richer.
  • The bills strip has bull-flattened, with pricing +1 to +4.
  • RBA-dated OIS pricing is slightly mixed (+/- 1bp) across meetings. A 25bp rate cut is more than fully priced by April (124%), with a February cut at a 59% chance.
  • The local calendar heats up next week with the release of November CPI data on Wednesday. The calendar also sees S&P Global Composite & Services PMIs on Monday, Building Approvals and Private Sector Houses on Tuesday and Retail Sales and Trade Balance on Thursday.
  • Later today the global calendar will see the Fed’s Barkin and ECB’s Lane speaking. US December manufacturing ISM, German December unemployment and UK November lending data will also be released.
  • AOFM Bond issuance is expected to resume in the week beginning 13 January 2025.
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ACGBs (YM +2.0 & XM +4.0) are holding stronger on another local-data-light session.

  • Cash US tsys haven’t dealt in today’s Asia-Pac session with Japan still out for its extended New Year’s break. TYH5 is, however, +0-05 versus NY closing levels at 108-31.
  • Cash ACGBs are 3-4bps richer.
  • The bills strip has bull-flattened, with pricing +1 to +4.
  • RBA-dated OIS pricing is slightly mixed (+/- 1bp) across meetings. A 25bp rate cut is more than fully priced by April (124%), with a February cut at a 59% chance.
  • The local calendar heats up next week with the release of November CPI data on Wednesday. The calendar also sees S&P Global Composite & Services PMIs on Monday, Building Approvals and Private Sector Houses on Tuesday and Retail Sales and Trade Balance on Thursday.
  • Later today the global calendar will see the Fed’s Barkin and ECB’s Lane speaking. US December manufacturing ISM, German December unemployment and UK November lending data will also be released.
  • AOFM Bond issuance is expected to resume in the week beginning 13 January 2025.