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10-Year JGB futures edged higher in the........>

JGBS: 10-Year JGB futures edged higher in the aftermath of the BOJ trimming its
Rinban operations in both the 10-25 & 25+ Year buckets by Y10bn a piece, with a
lack of selling impetus noted across the curve as some expected such a move (if
anything super-long yields edged a touch lower, with the curve sitting a touch
flatter on the day). Looking at the breakdown of the operations, the
offer-to-cover ratio of the 5-10 Year sector moderated to 2.39 from 3.67, while
the 10-25 Year bucket's offer-to-cover ratio ticked lower, and the the 25+ Year
bucket's offer-to-cover ratio held steady
- Japanese CPI data is due tomorrow.
- Bulls have so far failed to take out the 151.02 resistance in futures, which
is needed to add support to the case for a test of the 151.13-19 resistance
region. Daily studies correcting from modestly overbought levels weighed in past
weeks. Bears now need a close below the 55-DMA (150.85) to gain breathing room
and below 150.80 to shift initial focus to 150.71-74 where the 200-DMA is
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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