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10-year Yield Hits Lowest Level Since August


U.S. Tsys richened in trade ahead of the weekend following another retreat in European bank stocks. While closing off bests following a recovery in U.S equity indices in late trade, 2-year and 10-year yields achieved their lowest intraday levels since September of respectively 3.55% and 3.28%.

  • In Asia-Pac trade today, following the lead from U.S. Tsys, the cash ACGB benchmark 10-year yield declined to its lowest level since August, hitting 3.14%. The 3-year benchmark yield hit 2.755%, just shy of its lowest level since August of 2.751%.
  • The AU/UU 10-year yield differential at -20bp remains above the cycle low of -32bp, set before global banking concerns in early March when the U.S. Tsy 10-year yield was above 4.0%.

Figure 1: 10-Year Yield (%): AU Vs. US

Source: MNI – Market News / Bloomberg

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