Some Positioning Adjustments Into RBA Eyed, AOFM Non-Event Seen

A sedate session for the Aussie bond space, outside of the previously discussed early tick higher in YM (likely linked to some pre-RBA positioning adjustment, as evidenced by the movement in the ACGB Apr '24/Nov '24 yield spread, as some of the more hawkish calls are pared back/profit is taken), with that contract now +1.5 on the day, while XM prints +4.5 (most of the move in XM came during the overnight session on the late flattening of the U.S. Tsy curve during NY hours).

• A drab AOFM issuance outline for the first half of the current FY, with the AOFM failing to introduce a new conventional ACGB line, as well as the proximity to the U.S. NFP report and next week's RBA decision, has left the space to operate in narrow ranges.
• Retail sales, ANZ job ads and building approvals data headline the local docket on Monday, with the latest round of scheduled ACGB purchases from the RBA also due. However, the proximity to Tuesday's key RBA decision should render these releases/events fairly inconsequential.