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Richer, Yields 1-2bps Lower, RBA Financial Stability Review Shortly

AUSSIE BONDS

ACGBs (YM +2.0 & XM +2.0) are slightly richer this morning after recovering some of the sell off post US data overnight. The RBA will release half-yearly review a bit later, while the market will be focused on Japan National CPI due out in 30mins

  • US Current Account Balance slightly narrowed at -$194.8b vs -$209.0b expected, while futures saw some pressure after slightly lower than estimated weekly jobless claims data: 210k vs. 213k est (prior up-revised to 212k from 209k, however).
  • (Bloomberg) -- Aussie CPI Could Bounce in Feb. on Oil, Taylor Swift Travel Blip (See link)
  • (Bloomberg) -- Revisions Will Wipe Away Australia's February Jobs Spike (See Link)
  • Cash ACGBs are flat to 3bps cheaper, with the AU-US 10-year yield differential 1bps lower at -19bps.
  • Swap rates are 1-3bps lower.
  • RBA-dated OIS pricing is 1-3bps softer for meetings beyond June. A cumulative 41bps of easing is priced by year-end.
  • Looking ahead: The RBA will release half-yearly review of financial system at 11.30am AEST, while it's a light calendar until Tuesday when Westpac Consumer Confidence is due out.
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