Free Trial

Space Happy To Look Through RBA Speak

AUSSIE BONDS

ACGB space has been happy to look through today's speech from RBA Dep Gov Debelle, which saw the official note that expectations of further monetary policy easing has helped add pressure to AUD in the lead-up to the Nov decision and that the recent uptick in AUD and longer-term bond yields was driven by Covid-19 vaccine news - something Debelle advised to be cautious about. Elsewhere, the Dep Gov largely stuck to a familiar script, as he went through the RBA's thinking on monetary policy matters.

  • FI futures have remained where they had traded before the speech, with YM last seen sitting -0.5 & XM -5.0. Cash ACGB curve still runs steeper and sits higher, with yields 0.1-5.2bp cheaper. Bills trade unch. to -2 ticks through the reds.
  • There has been little follow through from preliminary Australian trade data either. The report released by the Australian Bureau of Statistics revealed a 6% M/M increase in exports, driven by record iron ore shipments.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.