The Australian Office of Financial Management (AOFM) will today sell A$700mn of the 1.50% 21 June 2031. The line was last sold on 24 January 2025 for A$700bn. The last sale drew an average yield of 4.2057%, at a high yield of 4.2075% and was covered 3.5143x. There were 33 bidders, 14 of which were successful and 7 were allocated in full.
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ACGBs (YM -2.0 & XM -3.5) are cheaper after a directionless NY session ahead of the December CPI report and the start of the earnings season today.
USD/CNH didn't deviate too far out of the 7.3400/7.3500 range post the Asia close on Tuesday. The pair tracks around 7.3450 in early Wednesday dealings (little net change was seen on Tuesday). Spot USD/CNY held above 7.3300, but sits slightly off recent highs. The CNY CFETS basket tracker was also little changed Tuesday, ending at 101.63 (per BBG).