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Yield Curve Steepens At Reopen, But ACGBs Move Off Lows

AUSSIE BONDS

Cash ACGB curve has steepened in early trade as the space played catch-up with Friday's dynamics in U.S. Tsys. Aussie bond yields last trade -1.1bp to +8.6bp across the curve, with 3s last at 0.051% & 10s at 1.775%, as ACGBs have recovered from worst levels. YMM1 last trades -1.0, with XMM1 seen -8.3, after both contracts have bounced off lows. Bills run 1-4 ticks lower through the reds.

  • The address from RBA Gov Lowe at Melbourne Business Analytics Conference was pretty uninspiring, providing no material impetus for the ACGB space. Lowe warned that Australia "still has a long way to go" in terms of economic recovery, with business investment providing a significant weak spot.
  • The RBA offered to buy A$2.0bn of ACGBs with maturities of Nov '24 to May '28, excluding ACGB Sep '26.
  • The local economic docket is virtually empty today, with focus on China's monthly economic activity indicators.
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