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Slightly Richer But Sydney Session Lows, Light Local Calendar, No Cash US Tsy Trading

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ACGBs (YM +2.0 & XM +2.5) are holding a slight uptick, though they currently hover around Sydney session lows. With no domestic data released today and the closure of cash US tsys due to a public holiday in Japan, local market participants have pared earlier gains. This cautious approach may stem from lingering concerns following last week's unexpectedly high Q1 CPI figures.

  • Cash ACGBs are 2bps richer, with the AU-US 10-year yield differential 2bps lower at -17bps.
  • Swap rates are 2-3bps lower.
  • The bills strip has bull-flattened, with pricing flat to +3.
  • RBA-dated OIS pricing is little changed. A cumulative 4bps of easing is priced by year-end from an expected terminal rate of 4.48% (Sep-24).
  • The local calendar will see Private Sector Credit and Retail Sales data tomorrow.
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ACGBs (YM +2.0 & XM +2.5) are holding a slight uptick, though they currently hover around Sydney session lows. With no domestic data released today and the closure of cash US tsys due to a public holiday in Japan, local market participants have pared earlier gains. This cautious approach may stem from lingering concerns following last week's unexpectedly high Q1 CPI figures.

  • Cash ACGBs are 2bps richer, with the AU-US 10-year yield differential 2bps lower at -17bps.
  • Swap rates are 2-3bps lower.
  • The bills strip has bull-flattened, with pricing flat to +3.
  • RBA-dated OIS pricing is little changed. A cumulative 4bps of easing is priced by year-end from an expected terminal rate of 4.48% (Sep-24).
  • The local calendar will see Private Sector Credit and Retail Sales data tomorrow.