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Futures Off Recent Highs, Oct CPI Below Estimates As Onshore Markets Return Today

JGBS

JGB futures sit at 146.04, -.02. We are off recent highs from earlier in the week (at 146.43), but couldn't test sub 146.00 in a meaningful way on Thursday. Light pressure was evident on Thursday from lower EU fixed income levels post reasonable PMI data.

  • Note onshore markets return today after yesterday's holiday. The benchmark JGB 10yr yield finished at 0.725% on Wednesday. The 10yr swap rate was last 0.93%.
  • On the data front, just released October national CPI figures have printed slightly below expectations. Headline was 3.3% y/y (versus 3.4% forecast), while the prior was 3.0%. Ex fresh food came in at 2.9%y/y versus 3.0% forecast (2.8% prior0. Core excluding energy as well was 4.0% y/y (4.1% forecast and 4.2% prior).
  • On the supply front, we have the 3 month bill auction. Also note the enhanced liquidity auction will also take place today.
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