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Early Moves Hold

JGBS

The moves that we flagged earlier have stuck, with the major cash JGBs trading within -/+1bp of Friday’s closing levels as 40s present the only real area of weakness on the curve. Futures hit the lunch break -3, consolidating the early tick lower, without forcing a meaningful extension after a breach of the overnight session low. Swap rates are ~0.5bp higher across the curve. Local headline flow has been limited since the open, with South Korea recently outlining a plan to resolve the long-running wartime labour dispute with Japan (as was telegraphed over the weekend), we don’t expect this to move the needle for JGBs.

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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