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STIR: RBA Dated OIS Pricing Now Firmer Than Pre-RBA Levels

STIR
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RBA-dated OIS pricing sits 1-4bps firmer across meetings after today’s mixed domestic data—retail sales exceeded expectations, while building approvals fell short.  

  • Notably, pricing for 2025 meetings is now 2-4bps higher than pre-RBA levels on September 24.
  • For context, these same meetings were 6-10bps softer compared to pre-RBA levels the day after the decision. The softening seemed to stem from the RBA board's lack of explicit discussion about a potential rate hike.
  • Despite today’s firming, a cumulative 13bps of easing is still priced in by year-end.

 

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RBA-dated OIS pricing sits 1-4bps firmer across meetings after today’s mixed domestic data—retail sales exceeded expectations, while building approvals fell short.  

  • Notably, pricing for 2025 meetings is now 2-4bps higher than pre-RBA levels on September 24.
  • For context, these same meetings were 6-10bps softer compared to pre-RBA levels the day after the decision. The softening seemed to stem from the RBA board's lack of explicit discussion about a potential rate hike.
  • Despite today’s firming, a cumulative 13bps of easing is still priced in by year-end.

 

Keep reading...Show less