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(M2) Trend Condition Remains Bearish


Firmer Overnight

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AUSSIE BONDS: YM -1.0, still pinned at 99.750, of course in line with the RBA's
YCC target, while XM prints 1.5 lower, on the day, drifting away from the SYCOM
highs in early Sydney dealing.
- Early morning comments from Frydenberg provided little to go off, as he noted
that ~1mn people have sought early access to their pensions in the wake of the
COVID-19 outbreak, while stressing that things will get worse for the economy
before they get better.
- No movement for the overnight cash rate in the latest fix.
- Bills sit unchanged to -1 through the reds.
- Retail sales (March & Q1) along with A$2.5bn worth of ACGB 1.50% 21 Jun 2031
supply headline today.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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