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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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Free AccessMNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday
MNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
Futures Holding Slightly Weaker But Well Above Session Lows
In Tokyo Afternoon dealings, JGB futures are holding weaker, -2 compared to the settlement levels. Nevertheless, JBM4 currently sits some 20 points above the session lows.
- There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined Jibun Bank and S&P Global PMIs.
- Following yesterday's twist-steepening, US tsys are offering limited direction for the local market. Cash US tsys have seen minimal movement during today's Asia-Pac session.
- This morning’s BoJ Rinban operations saw negative spreads and slightly lower offer cover ratios for the shorter-dated buckets (<1-year: 1.53x, 1-3-year: 2.10x and 3-5-year: 2.06x). The 10-25-year bucket, however, showed mixed results. The bucket saw a lower offer cover ratio but a positive spread.
- The cash JGB curve has twist-steepened, with yields 1bp lower to 1bp higher. The benchmark 10-year yield is 0.2bp higher at 0.751% versus the YTD high of 0.801%.
- Swaps are little changed, with swap spreads mixed.
- Tomorrow, the local calendar will see Weekly International Investment Flow data alongside 30-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.