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UK 5s/30s drifts towards Friday's low


CZKJPY Found Support Above 38.2% Fibo Level

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Note that the yield on ACGB Apr '24, the bond used in the RBA's 0.10% yield curve targeting scheme, has risen to 0.16%. There is some speculation that the RBA may have to step into the space to enforce its 0.10% target in the coming days, although the size of the Bank's existing holding of the line (in float terms), relatively contained moves vs. longer bonds and the broader richening seen in ACGB trade thus far on Tuesday may discourage an immediate move.