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Treading Water Ahead Of Heavy Data Drop Next Week

AUSSIE BONDS

YM -2.0 and XM +1.5 as U.S. Tsy futures close slightly stronger, near session highs after whip-saw NY morning action. ACGBs twist flatten, seeing 2bp of cheapening to 2bp of richening, pivoting around 7s, with the 3/10 cash curve ~3bp flatter. AU/US cash yield differential moves back to flat from -4bp yesterday after the 3bp yield decline in 10-year U.S. cash Tsy.

  • Swaps curve flattens 5bp with the 3-year rate 4bp higher versus a 1bp decline in the 10-year.
  • The Bill strip is flat to 4bp weaker through the reds.
  • RBA-dated OIS strip opens 1-2bp firmer for meetings beyond July, holding yesterday’s 5-7bp rise. Terminal rate pricing pushes to 4.29%. March meeting pricing remains at a 95% chance of a 25bp hike.
  • Issuance matters dominate the local docket ahead of the weekend, with A$600mn of ACGB May-29 supply slated, as well as the AOFM weekly issuance schedule.
  • With the local docket light until a slew of data early next week, including Q4 GDP on Wednesday, the market looks likely to trade tentatively without a lead from abroad.
HomepageBond Market NewsBulletMarketsFixed Income Bullets
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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