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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Futures Richer, At Session Highs, Despite A Relatively Poor 10Y Auction
JGB futures are sitting at session highs, +23 compared to settlement levels, after initially cheapening in early afternoon trade on the back of a relatively poor showing for 10-year supply. The low price failed to meet wider expectations, the cover ratio declined to the lowest level observed at a 10-year auction since May and the tail increased to its longest also since May.
- There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined unemployment rate that undershot expectations.
- Cash JGBs are mixed across the curve with yields +1.8bp (30-year) to -2.4bp (7-year). The benchmark 10-year yield is 1.4bp lower at 0.598%, above the BoJ's YCC old limit of 0.50% but below its new hard limit of 1.0%.
- ICYMI, after yesterday’s unscheduled Y300bn purchase of 5- to 10-year JGBs at market, the BoJ only announced today the intention to buy an unlimited amount of 5- to 10-Year JGBs at a fixed rate of 1.0%.
- Swap rates are trading mixed with swap spreads wider.
- Tomorrow the local calendar sees the release of BoJ Minutes for the June meeting and Monetary Base data for July along with BoJ Rinban operations covering 1- to 25-Year+ JGBs.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.