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Futures Firmer Ahead Of Cash US Tsys' Open After Memorial Day Holiday

JGBS

In post-Tokyo trade, JGB futures are stronger, closing +13 compared to settlement levels, after US tsy futures firmed on Monday.

  • Cash US tsys open today after the Memorial Day holiday with investors likely focused on the passage of a debt-ceiling bill after a bipartisan agreement that was reached on Saturday. Voting is expected to commence on Wednesday.
  • Traders will also be confronted with mounting expectations that the Federal Reserve is likely to raise interest rates again in June or July. FOMC dated OIS closed on Monday with 15bp of tightening priced for the June 14 meeting and a cumulative 25bp of tightening priced by July.
  • The BOJ reported record net income last fiscal year (end March), owing to rising income from its government bond holdings and foreign currency deposits (link). The size of BoJ's balance sheet has been a focal point in terms of sustainability around its bond-buying program.
  • On the data front, April jobless data printed 2.6% versus expectations of 2.7%, from 2.8% prior. The job-to-applicant ratio printed in line with expectations at 1.32, unchanged from March.
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