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Futures Move Off Highs, But Dips Supported

JGBS

The early tone in JGB futures has been to the downside. JBH4 sits back at 146.88, -.14, well off Wednesday highs at 147.20. Earlier lows were at 146.74.

  • Some pressure has come from a TYH4 sitting off Wednesday highs, although early Thursday trends in US futures are relatively muted.
  • The extent of the recent rally in JGBs may be driving some profit taking related flows as well. Mitsubishi UFJ Asset Management noted earlier that gains post the BOJ surge may have taken their course (BBG).
  • Futures remain comfortably above pre BoJ levels from earlier this week (closer to 146.00).
  • In the cash JGB space, the 10yr yield has ticked higher, last at 0.574%, +2bps. The 5 and 7yr yields are up by a similar amount. The 10yr swap rate is back to 0.79%.
  • The data calendar is empty until tomorrow's Nov CPI print.
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