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Dip Lower But No Follow Through, Ueda Before Parliament Later

JGBS

The early bias in JGB futures was to the downside, although after a brief dip sub 145.60 (low was 145.57), we sit back at 145.63, -03 in recent dealings. This leaves us respecting recent ranges.

  • The early impetus in US Tsy futures has been to the downside, with TY breaking sub Friday lows (last 108-07+), hence JGB futures are outperforming at the margin.
  • On the data front, the services PPI was a touch stronger than forecast (+2.3% y/y, versus 2.1% expected) but his hasn't impacted sentiment meaningfully.
  • In the cash JGB space, we are little changed in early dealings. The 10yr yield is steady at 0.776% currently. 10yr swaps are down a touch in yield terms, last close to 0.98%.
  • Note BoJ Governor Ueda will appear before parliament at 2:16 pm local time (05:16 BST).
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