GOLD: Another Day, Another High for Gold. 

ACGBs (YM -1.0 & XM -2.0) are modestly weaker, extending yesterday’s post-RBA presser sell-off.

• US data was mixed overnight, with Empire State manufacturing beating and NAHB sentiment missing.
• Cash US tsys bear-steepened after Monday's holiday: the 2-Yr yield up 4bps at 4.30%, 5-Yr up 7bps at 4.40%, 10-Yr up 7bps at 4.55%, and 30-Yr up 7bps at 4.77%.
• Cash ACGBs are 1-2bps cheaper with the AU-US 10-year yield differential at -3bps.
• Swap rates are flat to 1bp higher.
• The bills strip little changed.
• Yesterday, RBA Governor Bullock noted the labour market’s unexpected strength and cautioned that market expectations for further rate cuts are not guaranteed.
• RBA-dated OIS pricing is slightly firmer today, but 1-9bps firmer versus yesterday’s pre-RBA levels, with late 2025 leading. A 25bp rate cut in April is given a 20% probability, with a cumulative 45bps of easing priced by year-end.
• Today, the local calendar will see Q4 wages, ahead of January jobs data tomorrow.
• The Q4 WPI is forecast to post another 0.8% q/q rise bringing the annual rate down to 3.2% from 3.5% in Q3. January employment is projected at +20k, with the unemployment rate rising 0.1pp to 4.1%.
• AOFM plans to sell A$800mn of the 2.75% 21 June 2035 bond today. 

• Gold’s relentless rise continued overnight, marching towards $3,000 / ounce.
• Opening the US session at $2,896.56, gold moved higher all day to close at $2,935.21.
• A research report from Goldman Sachs set a revised target for gold to $3,100.  The key determinant for the revised price is the resumption of gold purchases by Central Banks globally. (per BBG)
• Vanguard's S&P 500 ETF growth over the last year has taken it to be the largest exchange-traded fund, with nearly $632 billion in assets according to BBG.
• Data released from the State Agency Singapore show that gold shipments from the Southeast Asian nation to the US was over 10 tonnes for the month of January, up 25% from December last year. 
• Whilst typically trading sessions where the USD is strong sees gold retreat, gold’s demand is underpinned by tariff concerns and sees investors using it to hedge geo-political risks. 

• Bank Indonesia to Sell 28D SUVBI Bills
• Bank Indonesia to Sell 89D SUVBI Bills
• Bank Indonesia to Sell 181D SUVBI Bills
• Bank Indonesia to Sell 273D SUVBI Bills
• Bank Indonesia to Sell 367D SUVBI Bills
• Vietnam To Sell VND 11.0Tln 2035 Bonds; (TD2535022)
• Vietnam To Sell VND 0.5Tln 2029 Bonds; (TD2429007)
• Vietnam To Sell VND 1.0Tln 2040 Bonds; (TD2540037)
• Vietnam To Sell VND 0.5Tln 2055 Bonds; (TD2555052)
• Hong Kong to Sell HK$1.5 Billion 1-year Bonds
• Hong Kong to Sell HK$2.0 Billion 3-year Bonds
• China to Sell 88 Billion Yuan 2031 Bonds
• China to Sell 55 Billion Yuan 91-Day Bills
• Bank of Korea to Sell 1 Trillion Won 3-Year Bonds
• South Korea to Sell 2 Trillion Won 63-Day Financial Bills