U.S. 2-year yield rose 1.96bps on the week, it has now moved 19.6bps over the last month. The 10-year and 30-year yields have fallen 5.11bps and 13.66bps, respectively, over the same period of time. This week's largest move was seen in the long-end, with the 30-year yield rising 4.19bps
Spreads relative to the U.S. 2-year Treasury yield saw this week some retracement, with the U.K. and Australia equivalents rising 9.4bps and 8.0bps, respectively, N.Z.-U.S. spread increased by 7.0bps to 20.4. The dollar was not favoured by rate differentials this week
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