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Futures Soften Overnight, Recover From Lows, Rinban Due

JGBS

The bearish impulse observed in wider core global FI markets applied some pressure to JGB futures in overnight dealing, leaving the contract -10 at the bell, operating around the middle of its overnight range after a bounce from session cheaps in longer dated U.S. Tsys provided some support.

  • We would have expected some cheapening pressure across the JGB curve in early Tokyo trade, although Tuesday’s late richening in the longer end of the U.S. Tsy curve means we may not get a one-way move.
  • Today’s local docket is headlined by BoJ Rinban operations covering 1- to 3-, 5- to 10- & 25+-Year JGBs, in addition to the latest monthly trade balance and core machine orders readings.
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The bearish impulse observed in wider core global FI markets applied some pressure to JGB futures in overnight dealing, leaving the contract -10 at the bell, operating around the middle of its overnight range after a bounce from session cheaps in longer dated U.S. Tsys provided some support.

  • We would have expected some cheapening pressure across the JGB curve in early Tokyo trade, although Tuesday’s late richening in the longer end of the U.S. Tsy curve means we may not get a one-way move.
  • Today’s local docket is headlined by BoJ Rinban operations covering 1- to 3-, 5- to 10- & 25+-Year JGBs, in addition to the latest monthly trade balance and core machine orders readings.