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Curve Flatter

JGBS

JGB futures operate either side of late overnight levels during the early rounds of morning trade, with the support from the previously outlined North Korean missile launch and dovish rhetoric from BoJ Governor Ueda giving way as the tension surrounding the missile launch peeled away from extremes as the projectiles avoided Hokkaido. JGB futures have stuck to a narrow range, last +9, while cash JGBs are 0.5-2.5bp richer as the curve flattens post-U.S. CPI. Swap rates have seen a much more parallel shift, meaning swap spreads are generally little changed to wider on the day as a result.

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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