Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
JGBS
JGB futures have extended their bounce away from overnight lows in early Tokyo trade, aided by a similar move in U.S. Tsys during the second half of the NY session, leaving the contract +4 at typing, with bulls failing to force a test of the overnight high as of yet, perhaps limited by the better-than-expected industrial production and retail sales out of Japan.
- Cash JGBs are flat to 1bp richer, with the long end seeing some modest outperformance, with bulls potentially leaning on the impending BoJ Rinban operations as a further leg of support.
- Technically, JGBs have traded lower in August, ending the recent consolidation. Still, the trend remains bullish though and the pullback is likely a correction. The contract has recently pierced and closed above the 76.4% retracement of the 2022 downleg. This strengthens a bullish condition and sets the scene for a continuation higher towards levels not seen since March, at 151.13. Support to watch is at 148.80, the Jul 11 low. A break there would threaten the bullish theme.
Fig. 1: JGB Futures (Continuation)
Source: MNI - Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok