15 May 2015
Monthly Review – April 2015
DM Govies Broadly Underperformed; MYR
Stronger on Oil Price Rebound; ThaiGBs & CGBs Outperformed on Dovish
Central Banks
Highlights
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US & UK: UST curve steepened towards the end of April on improving
jobs data; Gilts underperformed on election outcome uncertainty.
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Eurozone: Cautious tone clouded m-o-m
outperformance in EGBs despite the ongoing ECB PSPP
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Japan & Australia: BoJ’s CPI downward forecast revision reinforced
the case for further easing; ACGBs tracked USTs upward shifts
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AxJ: Asian maintained easing policy stance; ThaiGBs and CGB rallied on
further monetary policy accommodation
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