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Futures Maintain Bid Tone, Aided By GDP Weakness

JGBS

Futures sit just off session highs, last 145.29, +.67. Positive momentum from Tuesday's session has carried over into early trade today. We are also right on Oct 18 highs.

  • The Q3 GDP miss, which showed that domestic demand had contracted for two straight quarters (see this link) has given an added impetus to the early bid tone.
  • In the cash JGB space, we are weaker in yield terms across the curve. The 7 is down 7bps to 0.56%, the 10yr off 6bps to sub 0.80%. This is fresh lows back to mid October for the 10yr yield. The 20yr is off 7bps and back sub 1.50%.
  • In the swap space, moves are modest in terms of yield declines, but the trends are still there4. The 10yr swap rate is off over 3bps and back to 0.97%.
  • Coming up in around 25mins is the BoJ bond buying ops.
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