AUSTRALIA DATA: A$ Bounces, Firmer OIS, Post Stronger Inflation Figures
Apr-30 01:35
Australian Q1 CPI and the March monthly print were above forecasts, more details to follow. The AUD/USD has risen post the print, last tracking above 0.6400, were were sub 0.6390 prior to the print. Tuesday highs at 0.6450 will be an upside target. On the bond side, futures are ym -4 xm -2, while OIS is 1-8bps higher across RBA meeting dates.
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JGBS: Richer With US Tsys As Friday’s Risk-Off Extends
Mar-31 01:34
In Tokyo morning trade, JGB futures are sharply higher, +34 compared to settlement levels.
- Japan's industrial production rebounded at a faster-than-expected pace in February, but the coming U.S. tariffs may weigh on the recovery ahead. Industrial production rose 2.5% in February following January's 1.1% decline.
- Retail sales rose 0.5% m/m (+1.4% y/y) in February; est. -0.2% (+2.5%).
- Cash US tsys are 3-5bps richer in today’s Asia-Pac session as concern over the health of the US economy fuels demand for haven assets. On Friday, a strong risk-off tone pushed the US 10-year 11bp lower ahead of this week's Trump Tariff "Liberation Day" rollout on April 2, not to mention Friday's employment data for March.
- Cash JGBs are flat to 3bps richer across benchmarks, with the belly leading. The benchmark 10-year yield is 2.2bps lower at 1.521% versus the cycle high of 1.596%. 2-year supply is due later today.
- Swap rates are flat to 2bps lower. Swap spreads are mixed.
MNI: **CHINA MAR MANUFACTURING PMI 50.5 VS 50.2 IN FEB
Mar-31 01:33
- **CHINA MAR MANUFACTURING PMI 50.5 VS 50.2 IN FEB
CHINA: Central Bank Injects Liquidity via OMO.
Mar-31 01:23
- The PBOC issued CNY166.7bn of 7-day reverse repo at 1.5% during this morning’s operations.
- Today’s maturities CNY135bn
- Net liquidity injection CNY31.7bn
- The PBOC monitors and maintains liquidity in the interbank system via the issuance of reverse repo.
- The CFETS Pledged Repo Deposit Institutions 7 Day Weighted Average Index is at 1.68%, from Friday’s close of 2.05%.
- China’s overnight interbank repo rates is 1.72% , from Friday's close of 1.70%
- China’s 7-day interbank repo rate is 2.33%, from Friday’s close of 1.90%
