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RBNZ Dated OIS Softer With AU STIR


(M3) Rallies North of Resistance


(M3) Bullish Break

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Under Light Pressure, Local Confidence Surveys Slated


Aussie bonds are a touch cheaper on the day after futures ultimately came under some pressure on spill over from cheaper U.S. Tsys in post-Sydney dealing, leaving YM -2.6 & XM -1.5 as both leak lower early on Tuesday, breaching their respective overnight bases on local reaction to Monday’s post-Sydney moves. Broader Cash ACGBs run 1.5-2.5bp cheaper across the curve, with some light bear flattening in play. Bills are flat to -1 through the reds.

  • In terms of local data, the monthly CBA household spending metric saw an uptick in M/M terms in November, although, as we flagged in a previous bullet, there was a notable slowing in Y/Y terms, with the annual series facing strong negative base effects from a surge in post-lockdown sales in October/November 2021. Once the festive season is in the rear-view, the impact of higher interest rates and cost of living is likely to change consumer behaviour and weaker spending is likely early in 2023.
  • During the remainder of the session focus will move to the monthly Westpac consumer and NAB business confidence reports. A$150mn of Nov-27 I/L supply is also due from the AOFM.
  • Elsewhere, Chinese COVID headlines and bonds futures roll activity will be assessed, with one eye on the U.S. CPI release.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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