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10-year futures trade at 150.43, remaining.....>

JGBS
JGBS: 10-year futures trade at 150.43, remaining above Monday's high of 150.40,
which will now act as support and coincides with the 21-DMA. The bulls are now
firmly in charge as the July 31 high of 150.80 now comes into play. 
- Adjusted export growth came in at 3.9% Y/Y in July, down from 6.7% in June and
underperforming expectations, which may have helped the space. 
- The strength is coming amid a slight recovery in breakevens, which have risen
back to 42.9bps at the 10-year level, seeming to suggest that expectations of
BOJ tightening are being unwound. 
- Correlations between Japanese and US bonds have begun to pick up in recent
sessions, which are also showing a renewed increase in correlations with US
stocks. 

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