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Slightly Stronger, Thin Local Calendar, RBA Minutes Tomorrow

AUSSIE BONDS

ACGBs are slightly richer (YM +1.0 & XM +3.0) after trading in a narrow range in the Sydney session. With the local and Asian calendars light today, local participants are likely on headlines watch.

  • A reminder that cash US tsys are closed today due to the observance of a US national holiday.
  • Cash ACGBs are 2-3bp richer with the AU-US 10-year yield differential at +24bp (using 10-year US tsys Friday closing level).
  • Swap rates are 3-5bp lower with the 3s10s curve flatter.
  • The bills strip is steeper with pricing +2 to +5.
  • RBA dated OIS is 3-8bp softer for meetings beyond September with Feb’24 leading. Terminal rate expectations sit at 4.60%.
  • The local calendar is slated to release the RBA Minutes for the June Meeting tomorrow. RBA Deputy Governor Bullock and RBA Assistant Governor Kent are also slated to speak tomorrow.
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