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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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Free AccessMNI US OPEN - Trump Warns BRICS Over Moving Away From USD
MNI BRIEF: Japan Q3 GDP To Be Slightly Revised Down
Futures Stronger At Lunch
At the Tokyo lunch break, JGB futures are stronger, +9 compared to the settlement levels, having more than reversed overnight weakness induced by US tsys.
- There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined National CPI, which printed in line with expectations at the headline level but slightly above expectations for core and core-core measures.
- JGB futures sold off further into the Thursday close, putting the contract further through support at 145.49, the Aug 17 low, according to MNI’s technicals team. A continuation lower and the clear break of this area has confirmed a resumption of the medium-term downtrend and paves the way for weakness towards 144.15, the Jan 13 low and major support. On the upside, clearance of 146.41, the Sep 4 high would instead highlight a base and a possible short-term reversal.
- Cash JGBs are little changed out to the 4-year, with a twist-steepening of the curve beyond. The 5-year yield is 1.0bp lower at 0.363% after BOJ said it would offer 5-year loans to banks on Tuesday (See link ICYMI). The benchmark 10-year yield is 0.4bp higher at 0.844%, slightly below the cycle high of 0.851% set yesterday.
- The swaps curve is richer, with the belly outperforming. Swap spreads are generally tighter.
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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.