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GILT TECHS

(M2) Trades Above Key S/T Resistance

CZECHIA

10Y Yield Testing 5% Resistance

SONIA

SONIA call fly

USD

USDCNY up 1%

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AUSSIE BONDS
AUSSIE BONDS: YM continues to sit where the RBA wants it, last +0.5, while XM
benefitted from the broader risk-off feel to the session, which centred on
Sino-U.S. matters, after an early look at the SYCOM lows, last +2.0.
- The mild flattening dynamic also got some help from a fairly typical AOFM
issuance schedule, that isn't heavy on duration, at least by recent standards.
There may have also been some spill over from across the Tasman as the RBNZ paid
up in its latest round of NZGB bond purchases and left next week's NZGB purchase
target amount unchanged.
- Long end remained resolute despite Australian PM Morrison revealing that the
Cabinet will consider easing lockdown measures on May 8, one week earlier vs.
previous plans.
- The first tap of ACGB 0.25% 21 Nov 2024 supply went particularly well, with
some of the reasoning outlined in our auction preview.
- Bills run unchanged to 1 tick lower through the reds, with the overnight cash
rate fixing 1bp higher.
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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