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Richer, ECB Policy Decision In Focus

AUSSIE BONDS

ACGBs (YM +3.0 & XM +4.0) are richer and just off Sydney session highs.

  • Outside of the previously outlined Home Loan Values and Trade Balance data, there hasn't been much in the way of domestic drivers to flag.
  • Cash US tsys are 1-2bps cheaper in today’s Asia-Pac session after the recent rally extended to a fifth day yesterday following weaker-than-expected ADP Private Employment data.
  • The focus now turns to Thursday's Weekly Claims and Unit Labor Costs as well as the ECB Policy Decision. Non-Farm Payrolls data is due on Friday.
  • Cash ACGBs are 4bps richer, with the AU-US 10-year yield differential at -9bps.
  • Swap rates are 3-4bps lower.
  • The bills strip has bull-flattened, with pricing flat to +4.
  • RBA-dated OIS pricing is 1-4bps softer for meetings beyond September. A cumulative 9bps of easing is priced by year-end.
  • Tomorrow, the local calendar is relatively light, with the highlights being the Foreign Reserves data and RBA Deputy Governor Andrew Hauser’s Fireside Chat at Australia’s Economic Outlook event.
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