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Bears Eye Cycle Low In Futures, Swaps Paid, Cash Illiquid

JGBS

Futures shed ~200 ticks at the afternoon re-open after a delayed start to post-BoJ YCC tweak trade. The contract still operates the best part of 100 pips from the continuation cycle low (145.05), which provides the most meaningful level of technical support. Cash JGBS remain illiquid, so it is hard to get a true read on yield levels at present. Swap rates have pushed higher, lifting by 11.5-17.0bp on the day, with 10s leading that move.

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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