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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessBear-Steepening Scaled Back In The Tokyo Afternoon, US NFP Due
JGB futures are weaker, -9 compared to settlement levels, but well off the Tokyo session's low. The key driver for the morning’s extension of yesterday’s post-30Y auction sell-off had been labour and real cash earnings data, which printed on the higher side of expectations.
- Bloomberg also reported that JGB futures were heavy today with traders using the rollover into the March contract as a window to refresh bearish positions for an extended drive lower. (See link ICYMI)
- The move away from session cheaps in the afternoon session was consistent with results from today’s BOJ Rinban Operations, which showed lower offer cover ratios across all buckets.
- US tsys are dealing 1-2bps cheaper in today’s Asia-Pac session ahead of US NFP data later today.
- This morning's bear-steepening of the cash JGB curve remains in play, but yields are well below session highs. The benchmark 10-year yield is 1.0bps higher at 0.769% versus the morning high of 0.808%.
- The swaps curve has also maintained its bear-steepening, with rates 2-5bps higher. Swap spreads are wider.
- On Monday, the local calendar sees M2 & M3 Money Stock, BSI Large All Industry and Machine Tool Orders data.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.