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Firmer As Onshore Markets Re-Open, 10yr Debt Supply Tomorrow

JGBS

JGB futures sit close to session highs in latest dealings. We were last 144.63, +.34.

  • Highs not long after the open were at 144.68. Dips back to 144.54 have been supported. Some positive bias from the RBA on hold decision has likely aided futures at the margin this afternoon.
  • The broader theme has been one of catch up to a more supportive global fixed income backdrop, as onshore markets were closed through Fri last week and yesterday. We are towards the top end of the range for the past month.
  • News flow has been reasonably light, with official comments focused on FX/intervention etc, while April PMI revisions were modest on the data front.
  • Cahs JGBs sit lower, led by the 7-10yr parts of the curve. The 10yr is down 2.5bps to 0.875%. 10yr swap is back under 0.95% in latest dealings.
  • Tomorrow, we have a quiet data calendar but the 10yr debt sale will be in focus.
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