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Free AccessFirmer In Wake Of Lowe
YM +2.6, XM +5.6, with both operating off of best levels after the space turned bid in early Sydney trade (in the wake of a narrow overnight session).
- RBA Governor Lowe has reaffirmed the Bank's stance re: no decision being made on rolling the 3-Year yield targeting scheme to ACGB Nov '24 (the Bank will consider the matter "again later in the year when it has more information about the economic recovery and the labour market"), while pushing back against the recent moves in market pricing re: the cash rate. Lowe also noted that "the Board will also consider the case for further extending the bond purchase program." Elsewhere, questions surrounding the level of NAIRU could be seen as dovish i.e. potentially promoting the need for a lower for longer policy settings.
- A$1.0bn of ACGB 1.00% 21 November 2031 supply is due in a little over an hour's time.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.