Daily Flows

• AMP continues to lead the very short end with its 31-day notice account offering 4.50% (corporate) and 4.30% (financial). Importantly, the 30bps discretionary bonus could end soon.
• An A rated bank remains active in attracting large volumes, paying up to 4.34% for 6 months yesterday — a premium over other A rated and major bank offerings.
• Judo Bank priced its 3-year floating rate MTNs yesterday at +145bps. For comparison, ING priced their 3-year note on Tuesday at +80bps.

Eyes on US Payrolls

• Australia’s April Monthly Household Spending Indicator rose 0.1% after a 0.1% fall in March (revised from -0.3%). Spending remains weak, and this indicator is set to replace retail sales as the key consumer gauge.
• The goods trade surplus narrowed, driven by a fall in non-monetary gold and key commodity exports.
• Weekly US jobless claims rose to 247k (vs. 235k expected), continuing a run of soft labour market data.
• Markets now focus on tonight’s US Nonfarm Payrolls, with consensus forecasting a slowing to 126k jobs added (down from 177k last month) and unemployment holding at 4.2%.