Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
Reporting on key macro data at the time of release.
Real-time insight on key fixed income and fx markets.
- Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- MNI ResearchMNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
Sign up now for free access to this content.
Please enter your details below and select your areas of interest.
Re: the earlier move in the front end of the ACGB curve, it would seem that the driving factor may have been an adjustment re: the 3-Year ACGB yield call of Westpac chief economist Bill Evans. Evans now looks for the 3-Year ACGB yield to move to 0.40% by the end of Dec '21 (prev. 0.35%). The belly of the ACGB curve has been particularly soft in relative terms during post-FOMC dealing, which has allowed the 2-/5-/10-Year butterfly to extend to the widest levels witnessed since the vol. event in March (which in itself represented the highest levels seen since '18). The ACGB Apr '24/Nov '24 yield spread has pushed back out towards the wides witnessed back in March as participants price out the chance of the RBA rolling its 3-Year yield target into ACGB Nov '24 at its July meeting, weighing on the broader belly in the process. The sell-side community has long pointed to the potential for the belly to underperform on any QE tapering from the RBA. Elsewhere, AUD 1-Year/1-Year forward swap rates are pushing on to levels not seen since April '20.