Daily Flows

• 12 month term deposit rates of 5.19% from two A1/A banks on Friday set the tone, attracting significant flows, as several unrated banks paid up above this rate.
• 5.15% remains the top of the A2/BBB bucket for 6 month deposits today, with 5.21% the rate for A1/A.
• Several foreign branch banks (A1/A+) will continue to pay +50 for 3 month NCDs this week.

Week Ahead

• Australian unemployment data for March is out on Thursday after February’s surprisingly strong print, with economists expecting an unemployment rate of 3.9%.
• Revisions to the February print will be interesting to watch after an improvement of 0.4% month-on-month, the largest nominal change in almost two years.
• NAB’s quarterly business confidence survey, also out Thursday, has been declining for four consecutive quarters, with recent economic data unlikely to do much to reverse this trend.
• US retail sales (tonight) and housing starts (tomorrow) are prints to keep an eye on overseas after an upside surprise in inflation data last week.