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Thoughts On Upsized ACGB Purchases

RBA

Today's round of upsized ACGB purchases is likely the RBA's way of saying that the recent curve steepening has gone far enough, so it is now leaning against it, it helps that market direction is on its side today. The Nov '24 is part of their usual Monday tender schedule and the Apr '24 remains the focal point of their 3-Year target, at least for now (consensus leans against an extension into the Nov '24 as the formal target, although some do expect the transition to be made to the Nov '24 later this year).

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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