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Broader Impulse Drags Futures Lower Overnight

JGBS

JGB futures reversed a chunk of Wednesday’s gains in overnight dealing, with Fed Chair Powell’s comments re: series of rate hikes (including confirmation of his preference for a 25bp rate hike in March), higher oil prices and a rally in global equity markets applying the pressure. The contract ultimately shed 38 ticks come the close of overnight trade, going out just off worst levels of the session. Note that U.S. Tsys have recovered from their late NY trough, which may provide some support for the space in early Tokyo dealing, as Tokyo participants assess the overnight moves.

  • Looking to Thursday’s local docket, we will get a speech from BoJ board member Nakagawa, consumer confidence data and 30-Year JGB supply.
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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