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Weaker, But Slightly Richer After WPI Data

AUSSIE BONDS

ACGBs are weaker (YM -3.0 & XM -2.5) but have recovered from session lows following the release of lower-than-expected Wage Price Index figures for Q1, which showed a quarterly increase of +0.8% (compared to the estimated +0.9%). However, the annual growth rate surpassed expectations, reaching +3.7% y/y (versus the estimated 3.6%), following an upward revision to previously reported data. This represents the highest annual wages growth since the September quarter of 2012.

  • Cash ACGBs are 2bp richer after the data to be 2-3bp cheaper on the day with the AU-US 10-year yield differential -3bp at -9bp.
  • Swap rates are 2-3bp higher on the day with the curve and EFPs little changed.
  • Bills are cheaper with pricing -2 to -5 but off worst levels.
  • RBA dated OIS softens 2-3bp after the data but remains flat to 6bp firmer on the day across meetings with Apr’24 leading.
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