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AUD

Continues Slide

CROSS ASSET

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Lower For Third Session

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  • Local rates open slightly softer across the curve this morning, having shifted from bull steepening post-SARB to a net bear steepening by the end of the session as downside growth revisions weighed on long-end yields.
  • 2Y yields dipped -6.4bp as pre-emptive market expectations for a reactive +25bp hike were priced out following a broadly dovish shift in guidance from Gov Kganyago that aligned with our base case.
  • W/w the local curve ends steeper: 3m-1y yields -18-20bp lower, 15-30Y yields +20-22bp higher.

  • SAGB curve w/w