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Twist Steepening Maintained After Domestic Data Drop

AUSSIE BONDS

ACGBs (YM +2.0 & XM -1.0) have maintained their twist-steepening in the Sydney session after the morning’s domestic data drop. Ranges have been relatively small. Melbourne Institute inflation gauge Dec +1% m/m 5.2% y/y (Nov 0.3%/4.4%), while ANZ job ads rose 0.1% m/m in December. CBA household spending is due later.

  • US tsy futures are weaker, with no cash bond trading due to observance of the Martin Luther King Day public holiday. A reminder that Globex will close at 1300ET on Monday and re-open at 1800ET, which precedes normal session hours on Tuesday.
  • Cash ACGBs have twist-steepened too, yields 3bps lower to 1bp higher. The AU-US 10-year yield differential is 4bps wider at +14bps.
  • Swap rates are flat to 3bps lower, with the 3s10s curve steeper.
  • The bills strip is richer, with pricing +1 to +4, early reds leading.
  • RBA-dated OIS pricing is 1-3bps softer across meetings beyond February, with December leading.
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