PHILIPPINES: Q4 GDP Well Below Forecasts, USD/PHP Edging Higher
Jan-29 02:09
The Q4 GDP y/y print of 3.0% was the weakest outcome since 2021 when the economy was emerging from t...
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AUSSIE BONDS: AU-US 10Y Differential Around Its Cycle High
Dec-30 01:59
Cash ACGBs are 2bps richer today with the AU-US 10-year yield differential at +63bps.
- At this level, the differential sits around its cycle high, the widest since mid-2022.
- December’s price action has consolidated the differential’s breakout above the ±30bps range that had prevailed since November 2022.
- This widening has occurred alongside a steady increase in market-implied expectations for the RBA cash rate.
- However, a simple regression of the 10-year yield differential against the AU–US 1-year forward 3-month swap rate (1Y3M) spread over the past two years suggests the current differential is around 5bps above regression fair value (see chart).
Figure 1: AU-US Cash 10-Year Yield Differential (%)
Bloomberg Finance LP / MNI
MNI: CHINA PBOC CONDUCTS CNY312.5 BLN VIA 7-DAY REVERSE REPO TUES
Dec-30 01:26
- CHINA PBOC CONDUCTS CNY312.5 BLN VIA 7-DAY REVERSE REPO TUES
CHINA SETS YUAN CENTRAL PARITY AT 7.0348 TUES VS 7.0331
Dec-30 01:23
- CHINA SETS YUAN CENTRAL PARITY AT 7.0348 TUES VS 7.0331
