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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.
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Free AccessFutures Holder Stronger Despite Poor 20-Year Auction
JGB futures sit off session bests, +9 versus settlement levels, after a soft auction of 20-year JGBs. In terms of auction specifics, the cover ratio barely topped the level seen at the previous 20-year auction, which represented the lowest level seen at a 20-Year auction going back to 2012.
- Nonetheless, JGB futures (147.51) sit comfortably in the range of 147.40-147.92, which it has generally traded in since early April, barring a few probes through the lower limit over the past few days. According to MNI's technical analyst, if prices break below this week’s low of 147.27, it may indicate a deeper retracement to 145.80, the March 13 low.
- Cash JGBs curve steepened after the 20-year auction unwinding the morning session’s twist flattening. Yields are -1.4bp to +0.8bp across the curve, pivoting around the 20s.
- Swap spreads are tighter out to the 30-year zone, with swaps also twist steepening.
- Looking ahead, March CPI and Jibun Bank PMIs for April are scheduled for release tomorrow.
- Friday will also see BoJ Rinban operations covering 1- to 25-Year JGBs.
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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.