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Futures Off Sharply on US Tsy Spillover, Q1 GDP Revisions Out Soon

JGBS

JGB futures finished sharply lower on Friday, JBM4 getting to 143.65, -.33 post settlement. Negative spill over was clearly evident from US Tsy weakness post the US NFP beat.

  • For JGB futures are still some distance from late May lows, which came in under 142.90. On the topside, highs from last week rest at 144.25.
  • Locally today we quite a bit on the data calendar. Q1 GDP revisions, along with April trade figures and May bank lending figures print soon. GDP revisions aren't expected to be significant from a headline standpoint.
  • Later this week we have the BoJ decision.
  • To recap in the cash JGB yield space, the 10yr ended last week just under 0.98%, the 20year neat 1.77%. 10yr swap rates were last close to 1.04%.

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