Core FI Happy To Hold Tight Ranges

T-Notes hold a very tight range, last trading +0-00+ at 136-31+. Cash Tsy yields sit marginally above neutral levels. Eurodollars trade unch. to +0.5 tick through the reds. Little in the way of macro flow seen so far.

• JGB futures re-opened slightly higher and have traded sideways since. The contract last changes hands at 151.99, 4 ticks above settlement. Cash JGB yield curve runs marginally flatter, with 5s & 10s outperforming. Japanese trade surplus expanded in Dec, albeit slightly less than expected. BoJ MonPol decision takes focus from here.
• In Australia, YM -0.5 & XM +0.5. Cash ACGB yield curve has flattened a touch, with yields last seen +0.4bp to -0.9bp. Bills trade unch. to -1 tick through the reds. Australian labour market report took centre stage today, with headline unemployment rate falling more than expected on the back of in-line growth in employment coupled with a 0.1pp uptick in participation rate.