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Futures Extend Overnight Bid

JGBS

JGB futures have tracked the wider movements in core FI markets since Wednesday’s Tokyo close, with the contract rallying after the Tokyo lunch break (as RBA Gov. Lowe was speaking), extending their move away from their overnight lows. JBU2 last trades at 149.50, 24 ticks firmer.

  • Cash JGBs run flat to 2.0bp richer across the curve, bull flattening.
  • The release of a range of Japanese data (Q2 final GDP, BoP, bank lending, and weekly international security flow figures) provoked little by way of a meaningful reaction in JGBs,
  • The liquidity enhancement auction for off-the-run 5- to 15.5-Year JGBs went very well as spreads firmed from the previous auction, the spread tail width remained narrow, and the cover ratio improved to 4.90x (from 3.63x prev.). Cash JGBs were little moved post-auction.
  • Friday will see Japanese money supply for Aug headline the domestic data docket.
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