This is a short film of a our bonds over a recent RBA announcement.

The RBA was expected to keep rates unchanged, but there was a small amount factored in for a cut. A ‘no change’ announcement of would therefore be ‘slightly’ price bearish.

The video is a bit slow, but it is interesting to see to how the depth moves both before and after the announcement. The thing to take away is there was plenty of time for a short trade right after the announcement and while depth was thin, there were enough bids there to get short.