Fresh Session Lows For YM

YM a touch lower on the back of the release of the text of RBA Governor Lowe's address, with XM virtually unmoved. Both contracts print 8.5 ticks lower on the day, with YM reaching new session lows in the process. A reminder that RBA Governor Lowe noted that "in considering whether or not to extend the target to the November 2024 bond, the central issue is again the probability of the cash rate increasing over a 3-year window. In this context, the Board has reviewed a range of possible scenarios. In some of these, the conditions for an increase in the cash rate could be met during 2024, while in others these conditions are not met. The Board will review these scenarios again at its next meeting." The reference to some of the conditions for a hike potentially being met in '24 is likely the source of pressure for YM.