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Richer, Narrow Range, Tracking Tsys

AUSSIE BONDS

ACGBs (YM +4.0 & XM +5.0) are richer after trading in a relatively narrow range in the Sydney session. Without domestic drivers, local participants have likely sought direction from US tsys.

  • Tsys have firmed off session lows in recent dealing in the Asia-Pac session. There was no obvious headline driver. Cash tsys sit 1-2bp lower across the major benchmarks.
  • Cash ACGBs are 5bp richer, with the AU-US 10-year yield differential unchanged at +2bp.
  • Swap rates are 4-5bp lower with the 3s10s curve steeper.
  • The bills strip has bull flattened with pricing flat to +4.
  • RBA-dated OIS pricing is 1-4bp softer for meetings beyond October. The market currently attaches a 5% chance of a 25bp hike in September.
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