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Richer, Narrow Range, US Holiday

AUSSIE BONDS

ACGBs are slightly richer (YM +2.0 & XM +3.5) after trading in a narrow range in the Sydney session. With the local calendar light today, local participants have likely been on headlines and US tsys watch.

  • US tsy futures are slightly firmer in Asia-Pac trade. A reminder that cash US tsys are closed today due to the observance of a US national holiday.
  • Cash ACGBs are 2-4bp richer with the AU-US 10-year yield differential at +23bp (using 10-year US tsys Friday closing level).
  • Swap rates are 3-6bp lower with the 3s10s curve flatter and EFPs tighter.
  • The bills strip is steeper with pricing +1 to +5.
  • RBA dated OIS is 3-8bp softer for meetings beyond September with Feb’24 leading. Terminal rate expectations sit at 4.61%.
  • The local calendar is slated to release the RBA Minutes for the June Meeting tomorrow. After the RBA surprised with a 25bp rate hike, the market will be keen for a more detailed account of the decision. RBA Deputy Governor Bullock (1330 AEST) and RBA Assistant Governor Kent (1135 AEST) are also slated to speak tomorrow.
  • On Wednesday the Westpac Leading Index prints for May, ahead of Preliminary Judo Bank PMIs for June on Friday.
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