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Futures Eyeing Test Sub 144.50, Focus On 10yr Auction Today

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JGB futures finished up Monday trade near recent lows. The September future at 144.51, -.09 versus settlement levels. Early focus today is likely to be on whether we can test and hold sub the 144.50 level.

  • JGB futures likely saw some negative spill over in Monday EU trade, following a hawkish ECB sources report and decent size EUR & GBP bonds issuance.
  • US markets were out for the Labor Day holiday, but we still saw 10yr futures test sub Friday lows in holiday impacted trade.
  • In the cash JGB space, we finished up at 0.913% for the 10yr, while 10yr swap was last near 0.915%. Swap rates in the 3-7 part of the curve were weaker in yield terms.
  • The local data calendar just has August monetary base figures today, unlikely to shift market sentiment. Tomorrow has services PMI revisions, while Thursday has scope to shift sentiment with July labor cash earnings figures out.
  • There will be focus on today's 10yr debt auction though.
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JGB futures finished up Monday trade near recent lows. The September future at 144.51, -.09 versus settlement levels. Early focus today is likely to be on whether we can test and hold sub the 144.50 level.

  • JGB futures likely saw some negative spill over in Monday EU trade, following a hawkish ECB sources report and decent size EUR & GBP bonds issuance.
  • US markets were out for the Labor Day holiday, but we still saw 10yr futures test sub Friday lows in holiday impacted trade.
  • In the cash JGB space, we finished up at 0.913% for the 10yr, while 10yr swap was last near 0.915%. Swap rates in the 3-7 part of the curve were weaker in yield terms.
  • The local data calendar just has August monetary base figures today, unlikely to shift market sentiment. Tomorrow has services PMI revisions, while Thursday has scope to shift sentiment with July labor cash earnings figures out.
  • There will be focus on today's 10yr debt auction though.