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Slightly Richer, US Tsys Little Changed Ahead Of Payrolls Release

AUSSIE BONDS

ACGBs (YM +1.0 & XM +1.5) are slightly richer after US tsys finished the NY with little net movement ahead of today’s Non-Farm Payrolls release. US yields closed off of their highs as jobless claims and productivity were supportive for the market at the margin.

  • (MNI) The European Central Bank cut its key interest rate by 25bps on Thursday but its projections anticipated slightly higher inflation in 2024 and 2025 than the last round in March, with President Christine Lagarde warning that the prices outlook was likely to be “bumpy” over the next few months. (See link)
  • Cash ACGBs are 1bp richer, with the AU-US 10-year yield differential at -7bps.
  • Swap rates are 1-2bps lower.
  • The bills strip has slightly bull-flattened, with pricing flat to +2.
  • RBA-dated OIS pricing is 2-3bps softer for 2025 meetings. A cumulative 8bps of easing is priced by year-end.
  • Today, the local calendar will see Foreign Reserves data and RBA Deputy Governor Andrew Hauser’s Fireside Chat at Australia’s Economic Outlook event at 1434 local time (watch here)
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