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Slightly Richer Ahead Of Wage Price Index Data

AUSSIE BONDS

ACGBs (YM +1.0 & XM +1.5) are slightly richer in line with movements in US tsys during yesterday’s NY session. US tsys twist-steepened, with benchmark yields 3bps lower to 1bp higher. The US calendar is light this week.

  • Elsewhere, Canadian CPI inflation data for January printed an annual headline rate of 2.9%, putting it back within the target range, with the average of trimmed mean and median measures falling to 3.35%.
  • Cash ACGBs are 2bps richer, with the AU-US 10-year yield differential unchanged at -11bps.
  • Swap rates are 1-2bps lower, with the 3s10s curve steeper.
  • The bills strip is richer, with pricing flat to +3.
  • RBA-dated OIS pricing is flat to 3bps softer. A cumulative 41bps of easing is priced by year-end.
  • Today, the local calendar sees the Wage Price Index (WPI). The Q4 WPI is expected to rise 0.9% q/q with the annual rate rising to 4.1% y/y up from 4.0% in Q3. The RBA said in its February meeting statement that it didn’t expect wage growth “to increase much further” and that it “remains consistent with the inflation target” assuming productivity growth improves.
  • The AOFM also plans to sell A$800mn of 3.75% Apr-37 bond.
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