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Short-End Takes Hit From Solid Jobs Market Data

AUSSIE BONDS

Short-end ACGBs hit fresh session lows on the back of a decent round of Australia's labour market data, as the unemployment rate fell 0.5pp to a 13-year trough of 4.2%, printing below the median estimate of 4.3%.

  • The report showed that Australia added 64.8k jobs in December, narrowly beating consensus estimate of 60.0k. The participation rate stayed at 66.1%, albeit it was expected to tick higher to 66.2%.
  • Note that RBA matters took focus prior to the release, as Westpac brought forward their rate-hike call and now expect the first cash rate rise in August this year rather than February 2023.
  • Elsewhere, Australia's year-ahead consumer inflation expectation eased to +4.4% Y/Y this month from +4.8% prior.
  • YM last -3.0 & XM -2.0 as we type, with YMXM -2.5. Bills trade unch. to 3 ticks lower through the reds. Cash curve runs flatter, as yields sit 0.2-2.2bp higher, with 3-Year ACGBs outperforming.
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