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Slightly Stronger, Light Data Calendar, US ADP Data Later Today

AUSSIE BONDS

ACGBs (YM +2.0 & XM +1.5) are slightly richer, after dealing in relatively narrow ranges in today’s Sydney session. With the domestic data calendar light apart from the previously outlined Judo Bank Services & Composite PMI data, local participants have slightly added to the overnight uptick that followed the release of the December FOMC Minutes. The minutes were balanced but with a dovish tone as officials noted diminished inflation and the need to start a discussion of QT wind down.

  • Cash US tsys are dealing little changed in today’s Asia-Pac session, ahead of the release of US ADP private employment later today and December employment data on Friday.
  • Cash ACGBs are 2-3bps richer, with the AU-US 10-year yield differential 2bps tighter at +11bps.
  • Swap rates are 1-2bps lower, with EFPs 1-2bps wider.
  • The bills strip is slightly richer, with pricing flat to +2.
  • RBA-dated OIS pricing is little changed, with 57bps of easing priced by end-2024.
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