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Richer, Narrow Ranges, Q4 GDP On Wednesday

AUSSIE BONDS

ACGBs (YM +3.0 & XM +4.5) sit slightly stronger after dealing with narrow ranges. Today’s local data drop (the Melbourne Institute Inflation Gauge, Q4 Company Profits and Inventories and January Building Approvals) failed to be market-moving.

  • (AFR) New house approvals have fallen to their lowest level in nearly 12 years as higher borrowing and building costs put buyers, particularly in NSW and Victoria off committing to new homes, the latest official figures show. (See link)
  • Cash US tsys are 1-2bps cheaper in today's Asia-Pac session. Newsflow has been light so far.
  • Cash ACGBs are 4bps richer, with the AU-US 10-year yield differential 1bp higher at -10bps.
  • Swap rates are 3-4bps lower, with EFPs wider.
  • The bills strip has bull-flattened, with pricing flat to +4.
  • RBA-dated OIS pricing is flat to 3bps softer across meeting out to Dec-24. A cumulative 39bps of easing is priced by year-end.
  • Tomorrow, the local calendar sees Judo Bank PMI Composite & Services, Q4 Net Exports of GDP and BoP Current Account Balance. Q4 GDP is due on Wednesday.
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