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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.
AUSSIE BONDS
ACGBs spike weaker to session cheaps (YM -5.0 & XM -4.0) after March employment data prints higher than expected with a gain of 53k and an unemployment rate of 3.5% (BBG consensus expectations +20k and 3.6%).
- Cash ACGBs are 4-7bp cheaper after the data with the AU-US 10-year yield differential +3bp at -11bp.
- Swap rates are 6-7bp higher after the jobs data with EFPs unchanged at +1bp on the day.
- Bills strip pricing shifts lower with pricing 4-7bp cheaper on the day.
- RBA dated OIS shunts 6-7bp firmer for meetings beyond July. A 25% chance of a 25bp hike in May remains priced.
Figure 1: RBA Dated OIS: Post-Data Vs. Pre-Data
Source: MNI – Market News / Bloomberg
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.
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