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Festive Season Lull


Nothing much in the way of fresh macro flow to provide impetus for core FI space so far. T-Notes trade -0-01 at 137-28+ after holding a tight range. Cash Tsy yields are virtually unch. across the curve, while Eurodollar futures trade unch. to -0.5 tick through the reds. The space has digested U.S. fiscal developments outlined earlier, including continued wrestling over higher stimulus checks between Democratic lawmakers/U.S. Pres Trump & GOP Senators.

  • JGB futures have edged lower and last trade at 151.92, 3 ticks shy of last settlement. For the most part, cash JGB yields sit slightly below neutral levels. Japanese Ibaraki prefecture experienced a magnitude 5.1 earthquake, but there was no tsunami risk and authorities found no abnormalities at nearby nuclear reactors. Elsewhere, the Nikkei reported that Japan will issue gov't-backed green bonds for the first time.
  • Australian YM trades unch. with XM seen -0.5. Cash ACGB curve has twist steepened a tad, with yields sitting -0.7bp to +0.7bp. Bills trade -1 to +1 tick through the reds. The NSW Covid-19 outbreak remains under scrutiny.

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