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USDCAD TECHS

Heading South

AUDUSD TECHS

Northbound

EURJPY TECHS

Breaches Key Short-Term Support

US TSYS

Late SOFR/Treasury Option Trade

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Bearish Steepening Seen

JGBS

The weakness in JGB futures has extended through the afternoon, after the impetus from Friday’s cheapening in U.S. Tsys, coupled with a rally in domestic equities and a lack of a meaningful richening in core global FI markets allowed JGB futures to soften in the first half of Tokyo trade. An extension lower in wider core global FI markets has allowed the move in futures to accelerate during the Tokyo afternoon, with the contract last -21, a little above worst levels of the session. Cash JGBs run 0.5-4.0bp cheaper across the curve, with bear steepening in play. The summary of opinions from the BoJ’s latest monetary policy decision offered little in the way of actionable headline flow, while domestic news flow focused on supply/demand imbalances in the energy space. Looking head, 2-Year JGB supply headlines domestic matters on Tuesday.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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