Trial now

(N1) Fresh Cycle High


Effective Fed Funds Rate


Selling interest across the board


A little leg higher in T-Notes, but yesterday's range remains intact. The contract trades +0-03 at 140-08 at typing, with news wires carrying comments from U.S. President Trump re: measures vs. TikTok & Wechat. Curve has bull flattened in cash trade, with yields sitting 0.2-1.5bp lower at typing. Eurodollar futures last seen unch. to -0.5 tick through the reds. Participants await Chinese trade data and, looking further afield, U.S. NFP report.

  • JGB futures slipped after the re-open, but have bounced off lows and last trade at 152.29, 5 ticks better off. Cash JGB yields are mostly little changed, with 2s outperforming. No changes to size purchases during today's round of the BoJ's 1-3 & 5-10 Year Rinban ops.
  • Aussie YM trades +0.5 & XM sits +3.0 hitting session highs. Cash curve runs flatter, sits lower (yields 0.4-5.6bp worse off). Bills running -1 to +1 tick through the reds. The SoMP revealed little new vs. the recent RBA rhetoric. We are now waiting for RBA Asst Gov Ellis to comment on the document.
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