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Slightly Richer After Retail Sales Undershoot But Remain Cheaper On The Day

AUSSIE BONDS

ACGBs (YM -6.0 & XM -12.0) are sitting 2-3bp stronger after the domestic data drop after initially spiking 2-5bp richer. June retail sales prints weaker than expected at -0.8% m/m versus 0.0% expected. Q2 PPI shows +0.5% q/q and 3.9% y/y versus respectively +1.0% and 5.2% prior.

  • Cash ACGBs are 1-3bp richer post-data with the 3/10 curve 2bp flatter and the AU-US 10-year yield differential unchanged at +7bp.
  • Swap rates are 2-4bp lower after the data but 4-10bp higher on the day. EFPs are dealing narrower on the day.
  • The bills strip has twist steepened with pricing +2 to -6.
  • RBA-dated OIS pricing is 2-5bp softer across meeting post-data but remains flat to 5bp firmer on the day.
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