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Sharply Higher After Israeli Missiles Hit Sites In Iran

AUSSIE BONDS

ACGBs (YM +8.0 & XM +6.0) spike higher news that Israeli missiles have hit sites in Iran (ABC).

  • Markets had moved ahead of the confirmation on reports regarding the closing of Iranian airspace. It appears flights had been diverted away from Iranian Airspace. There seemed to be little flight activity over central Iran where the explosions occurred near the City of Isfahan.
  • Cash US tsys are dealing 8-10bps lower across benchmarks in today’s Asia-Pac session.
  • Cash ACGBs are 4-5bps richer after being 2-5bps cheaper earlier in the session. The AU-US 10-year yield differential is 1bp lower at -29bps.
  • Swap rates are 6-8bps lower, with the 3s10s curve steeper.
  • The bills strip has bull-steepened, with pricing +2 to +8.
  • RBA-dated OIS pricing has reversed early weakness to be 4-5bps softer for 2025 meetings. A cumulative 17bps of easing is priced by year-end.
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