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Free AccessSome Colour Behind The Earlier Move In The Belly Of The ACGB Curve
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.
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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.