Firmer In Asia As SVB Worry Takes Hold, NFP In Focus

TYM3 deals at 112-09+, +0-26, a touch off the top of the observed 0-24+ range on very heavy volume of ~389K.

• Cash Tsys sit 6-10bps richer across the major benchmarks, the curve has bull steepened, building on Thursday's move.
• Continued weakness in U.S. equity futures, with that move centred on concerns re: the U.S. bank sector, has aided the bid in Tsys, with pre-NFP positioning also in play (given the focus on fresh short setting in the wake of Fed Chair Powell's comments earlier this week).
• The BOJ's decision to leave policy settings unchanged provided a further leg of support (this was the consensus view, but the unwind of hedging against a hawkish step added legs to a rally in JGBs that was already underway pre-decision).
• TYM3 took out resistance levels at 20 day EMA (111-31+) and 112-03 (24 Feb high). Initial resistance moves up to the Feb 17 high (112-18).
• S&P500 e-minis breached the 2 March low and bear trigger at 3,925.00 the break confirmed a resumption of the bear leg which started on Feb 2.
• UK GDP headlines in Europe. February's NFP print provides today's highlight, our preview is here.