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Richer, Light Calendar Today, RBA Minutes Tomorrow

AUSSIE BONDS

ACGBs (YM +5.0 & XM +6.6) are richer and at highs following today’s data-light Sydney session. After Friday’s pushback by Fed officials against market expectations for early and aggressive easing in 2024, local participants were watchful of early weakness in US tsys during today’s Asia-Pac session. However, with no follow-through seen, the local market bid returned.

  • Currently, US tsys are dealings flat to 2bps richer, with a light steepening bias apparent.
  • Cash ACGBs are 6-7bps richer, with the AU-US 10-year yield differential 3bps tighter at +16bps.
  • Swap rates are 8-10bps lower, with the 3s10s curve flatter and EFPs tighter.
  • The bills strip shows a bull-flattening, with pricing +2 to +8.
  • RBA-dated OIS pricing is 1-9bps softer across meetings, with early 2025 leading. 57bps of easing is priced by Dec’24.
  • RBA Minutes for the December Meeting are due tomorrow.
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ACGBs (YM +5.0 & XM +6.6) are richer and at highs following today’s data-light Sydney session. After Friday’s pushback by Fed officials against market expectations for early and aggressive easing in 2024, local participants were watchful of early weakness in US tsys during today’s Asia-Pac session. However, with no follow-through seen, the local market bid returned.

  • Currently, US tsys are dealings flat to 2bps richer, with a light steepening bias apparent.
  • Cash ACGBs are 6-7bps richer, with the AU-US 10-year yield differential 3bps tighter at +16bps.
  • Swap rates are 8-10bps lower, with the 3s10s curve flatter and EFPs tighter.
  • The bills strip shows a bull-flattening, with pricing +2 to +8.
  • RBA-dated OIS pricing is 1-9bps softer across meetings, with early 2025 leading. 57bps of easing is priced by Dec’24.
  • RBA Minutes for the December Meeting are due tomorrow.