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Subdued Trading, RBA Gov Bullock Speech Later Today

AUSSIE BONDS

ACGBs (YM +2.0 & XM flat) are slightly richer after dealing with relatively narrow ranges in the Sydney session. Given the light domestic calendar and the fact that US tsys are in a pre-Thanksgiving mode, the overall trading activity has been subdued.

  • Cash US tsys are 1-3bps cheaper in the Asia-Pac session after yesterday’s modest gains. The release of the FOMC minutes yesterday provided no new information, with the report reaffirming the higher-for-longer stance. There was little market reaction. The US calendar later today sees Initial Jobless Claims and the UofMich Consumer Sentiment Survey.
  • The latest round of ACGB Dec-34 supply showed mixed demand metrics. It printed 1.0bp through prevailing mids but the cover ratio moved lower and the number of overall and successful bidders dropped substantially.
  • Cash ACGBs are flat to 2bps richer, with the AU-US 10-year yield differential 3bps lower at +3bps.
  • Swap rates are flat to 2bps lower, with the 3s10s curve steeper.
  • The bills strip is little changed, with pricing -1 to +1.
  • RBA-dated OIS pricing is +/- 1bp softer across meetings.
  • RBA Governor Bullock will deliver a speech at the ABE dinner at 1935 AEDT today.
  • Tomorrow, the local calendar sees Judo Bank PMIs (preliminary) for November.
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