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Futures Rebound with US Tsys, Q1 GDP & 20yr Supply On Tap Today

JGBS

JGB futures tracked higher post the Tokyo close on Wednesday. JBM4 ended at 144.17, +.26, amid positive spill over from higher US Tsy futures.

  • The US data mix of broadly in line CPI but softer retail sales has raised easing hopes, which boosted Tsy futures sentiment.
  • For JGB futures we remain within ranges for the past month, 143.61, marking late April lows, while 144.88 marked earlier May highs.
  • Today we have Q1 GDP on tap, which is expected to print negative (-1.2% q/q annualized is projected versus +0.4% from Q4). The detail will also be eyed in terms of private consumption and business investment. We also have weekly investment flow figures, while later on March IP prints.
  • We also have the 1yr and 20yr debt sales on tap.
  • To recap, cash JGB yields finished up around 0.955% for the 10yr, the 30yr at 2.06%. 10yr swap rates were just under 1.01%.
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