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ANZ Like Long XM

AUSSIE BONDS

ANZ think the "recent lift in the 10y UST yield captures the improvement in the data. While the Fed's shift in the inflation target may imply a steeper yield curve in the long-term, a continued sell-off at this point will threaten the recovery - which is the last thing the Fed needs… We can't rule out a further lift in inflation from here. But we think there is a reasonable amount of good news already priced. Therefore, we think there is value in the US long-end. While long-end AUD rates may underperform with a USD rally, we think the long-end of the AUD curve will rally in an absolute sense with these moves. So we like buying 10y ACGBs at current levels. Go long XM at 99.00, with a target at 99.15 and stop at 98.90."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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