April 20, 2022 00:39 GMT
YM and XM have taken out their respective overnight lows (as flagged earlier) with little to counter Tuesday’s cheapening pressure.
- YM is -9.0, with XM -7.5 last, while cash ACGB trade sees the super-long end of the curve run ~6bp cheaper on the session.
- EFPs are wider, with the 3-/10-Year box flattening.
- Bills are 5-9 ticks cheaper through the reds, with little reaction to the latest 3-month BBSW fixing, which set ~2.8bp higher. Note that the cheapening in the bond space had already shifted Bills lower pre-fixing.
- An uptick in the weekly ANZ-Roy Morgan consumer confidence print (although the index was still comfortably below 100.0) and firm Westpac leading index reading have had little impact on the space.