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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI EUROPEAN MARKETS ANALYSIS: ECB Expected To Cut Rates Later
MNI EUROPEAN OPEN: A$ & Local Yields Surge Following Jobs Data
Futures Holding A Downtick, BoJ Tamura Speech & 40Y Supply Tomorrow
JGB futures are holding a downtick, -2 compared to the settlement levels, having traded within a relatively constrained range.
- According to MNI’s technicals team, a stronger reversal higher is required to signal the end of the recent corrective phase. The bull trigger has been defined at 147.74, the mid-January high. A break would resume the uptrend. Moving average studies remain in a bull-mode set-up, highlighting an uptrend. For bears, a resumption of weakness would potentially open the 144.60 support.
- There haven't been significant domestic catalysts to note, aside from the previously highlighted PPI Services. Final February machine tool orders are due.
- Cash US tsys are dealing flat to 1bp richer in today's Asia-Pac session after yesterday's 4-5bps cheapening across benchmarks.
- Cash JGBs are mostly richer, with yields +0.2bp to -1.0bp. The benchmark 10-year yield is 0.2bp higher at 0.736% versus the YTD high of 0.801% set on March 15.
- The swaps curve has twist-steepened, pivoting at the 20s, with rates 4bps lower to 1bp higher. Swap spreads are tighter out to the 10-year and wider beyond.
- Tomorrow, the local calendar sees a speech from BoJ Board Member Tamura in Aomori, along with 40-year supply.
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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.