SYCOM Ranges Respected

Aussie bond futures held to their respective SYCOM ranges in Sydney hours, with YM & XM closing +0.5. Swaps generally lagged vs. cash at the margin.

• An appearance in front of a Senate panel from RBA's Debelle & Bullock provided nothing of real note. The latest weekly ANZ-Roy Morgan consumer confidence index reading revealed another uptick, with the headline index now hovering just shy of 100. ANZ noted that "Sydney and Melbourne are now close to neutral. People remain cautious about the current economic outlook and, consistent with this, are also cautious about their current financial circumstances. This may constrain spending in the near-term. Confidence in future economic and financial conditions is much more positive, however, holding out the prospect of a recovery in spending if the labour market holds up."
• Bills closed -1 to +1 through the reds, while 3-Month BBSW fixed at a fresh record low of 0.0563%.
• Domestic focus really is centred on next week's RBA decision, although there are plenty of sources of potential offshore impulse between now and then. Tomorrow's domestic CPI reading won't be a needle mover for next week's RBA decision.