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Subdued Dealings, Empty Calendar, Cash US Tsys Closed

AUSSIE BONDS

ACGBs (YM +1.0 & XM +1.0) have shown slight strength during the Sydney session, amidst an overall subdued trading environment. Today, the domestic calendar has been light, and with cash US tsys closed for the Presidents Day holiday, local market activity has been quiet and lacking clear direction.

  • Cash ACGBs are 1bp richer, with the AU-US 10-year yield differential 4bps lower at -10bps.
  • Swap rates are 1-2bps lower.
  • Bills are little changed, with pricing +/- 1 across the strip.
  • RBA-dated OIS pricing is little changed across meetings. A cumulative 36bps of easing is priced by year-end.
  • (AFR) Westpac CEO Peter King predicted the Reserve Bank of Australia will cut the cash rate “within the next year” in a nod to the economic slowdown and as inflation inches closer to target. (See link)
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