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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 AccessCash Bonds Slightly Mixed With A Flattening Bias, 40Y Supply Tomorrow
JGB futures are weaker but well off session cheaps, -9 compared to the settlement levels.
- Machine Tool Orders data is due later today, otherwise the local calendar has been light.
- (Bloomberg) The Bank of Japan should more clearly show its intention to normalize monetary policy, according to ruling party heavyweight Toshimitsu Motegi in remarks a week before the central bank meets to decide whether to raise interest rates. (See link)
- Cash US tsys are 1-2bps richer in today’s Asia-Pac session, ahead of Regional Fed and Existing Home Sales data and a $69bn 2Y Note auction.
- Cash JGBs are 1bp cheaper to 1bp richer across benchmarks. The benchmark 10-year yield is 0.8bp higher at 1.063% versus the cycle high of 1.108%.
- The 40-year yield is 0.2bp lower higher at 2.421%, ahead of tomorrow’s supply and a week ahead of the upcoming BoJ’s policy decision. Although this 40-year sale is set for a higher outright yield than at the May auction (high yield of 2.27%), secondary pricing hasn’t yet reached the 2.5% area which is said to be a target zone for institutional investors.
- Swap rates are flat to 2bps lower, with the curve flatter. Swap spreads are tighter.
- Tomorrow, the local calendar will see Preliminary Jibun Bank PMIs alongside 40-year supply.
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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.