Daily Flows

• Last week, strong demand for funds led to various bespoke levels being offered across NCDs and TDs.
• Standout levels included 5.45% for 1-year term deposits and +50 for 3-month NCDs.
• The 6-month BBSW continues to be the highest outright reference rate, reaching 4.65% on Friday.

The Week Ahead

• Following a relatively quiet week, there is plenty of upcoming data for markets to digest.
• Australian Retail Sales data for October is set to be released, with both CBA and NAB forecasting a contraction. Last month’s positive print was attributed to favourable weather and the FIFA Women’s World Cup.
• The October monthly CPI indicator, projected at 5.2% YoY, will be released on Wednesday. This print covers specific baskets and excludes certain market services, hence a soft print is expected.
• In the U.S., the UC core PCE price index is the highlight of the week. A print below the forecasted 0.2% MoM could intensify the market pricing in rate cuts, a situation the Fed aims to subdue in order to maintain tight financial conditions.