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10yr Yield Rises Above 0.90%, But Little Follow Through

JGBS

JGB futures have recovered some ground in the first part of afternoon trade, last at 144.29, -.25, Earlier we got to 144.18 before support emerged. This keeps us within ranges, with today's low coinciding with lows from last week.

  • US futures have tracked a tight range, unable to break meaningfully below Friday's low (we were last 107-09 -04+.
  • In the cash JGB space, we sit off session highs from a yield standpoint. The 10yr got above 0.90%, but we now sit back under 0.89%. We are still nearly 4bps higher for the session. The 20yr yield got close to 1.62%, but we are now 1.60%.
  • Earlier we had weaker than expected PPI data, but the market reaction was to largely ignore the release. USD/JPY has firmed to fresh YTD highs, although the move has been a grind, rather than a dramatic spike.
  • Tomorrow, the data calendar just contains Oct preliminary machine tool orders. 5yr supply will also be auctioned.
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