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Richer, Narrow Range, China’s CPI/PPI Fails To Move The Market

AUSSIE BONDS

In futures roll-impacted trading, ACGBs are richer (YM +4.6 & XM +5.5) after trading in a narrow range in the Sydney session. With the local calendar light today, local participants are likely on headlines watch and monitoring US tsys after they strengthened overnight on a strong lift in US initial jobless claims.

  • China’s headline CPI printed as expected in May, +0.2% y/y. PPI was slightly weaker at -4.6% y/y versus -4.3% forecast. There has been little net movement in global bonds post-data.
  • US tsy futures sit at 113-18+, -5 versus the NY close with cash tsys 1.0-1.8bp cheaper in Asia-Pac trade.
  • Cash ACGBs are 5-6bp richer with the AU-US 10-year yield differential +2bp at +22bp.
  • Swap rates are 5-6bp lower with EFPs little changed.
  • The bills strip is flatter with pricing +2 to +9.
  • RBA dated OIS are 1-4bp softer across meetings with an expected terminal rate of 4.48%.
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