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Closes At Bests As U.S. Tsys Unwind Early Weakness


Resistance Remains Intact - For Now


(M3) Breaches The 119.000 Handle


(M3) Bullish Theme Intact

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On The Front Foot To Start The Week


ACGBS have squeezed higher to start the week, with YM & XM both +1.0 at typing, a little off their respective Sydney peaks, while wider cash ACGBs sit 1-2bp richer on the day.

  • We haven’t seen much in the way of an overt headline driver for the move higher in early Sydney trade (which is more pronounced vs. late overnight levels in futures as opposed to net daily terms).
  • One matter to consider may be the impending round of FTSERussell WGBI index inclusion for NZGBs, which could be providing some trans-Tasman impetus as NZ swap spreads have widened as the long end of the NZGB curve rallies from early session cheaps.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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