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Futures Pare Overnight Losses After Lower-Than-Expected PPI Services Data

JGBS

In Tokyo morning trade, JGB futures have pared overnight losses, -4 compared to settlement levels, after lower-than-expected PPI Services data. May’s PPI Services printed +2.5% y/y versus +3.0% est and a revised prior of +2.7%.

  • According to MNI’s technicals team, the key resistance for JGB futures remains at 145.95, the Mar 28 high. A break would signal the scope for a climb towards the bull trigger at 147.74, the mid-January high. The bounce off late May lows has called into question the sustainability of the bear trend this year, despite the contract recently trading through key support at 143.44, the Nov 1 low. This exposes 141.65, a Fibonacci projection.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s small gains.
  • Cash JGBs are slightly mixed, with yield movements bounded by +/- 0.5bp. The benchmark 10-year yield is flat at 0.96% versus the cycle high of 1.101%.
  • Swaps are little changed out to the 30-year and 4bps higher beyond. Swap spreads are mixed.
  • Today, the local calendar will also see Leading & Coincident Indices and Machine Tool Orders data alongside 20-year supply.
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