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Futures Stronger But At Session Lows, Light Local Calendar Again Tomorrow

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JGB futures are stronger, +8 compared to settlement levels, but dealing at the bottom of today’s trading range.

  • Outside of the previously outlined Machinery Orders, domestic drivers have been light on the ground. Accordingly, today’s price action has tracked fluctuations in US tsys in today’s Asia-Pac session.
  • US tsys are dealing 3-4bps cheaper despite Iran’s military launching drones and missiles against Israel over the weekend, in a significant escalation of hostilities.
  • Later today, the US data calendar includes Retail Sales and Fed Speak: Dallas Fed Logan, IMF/BoJ conf, Tokyo (no text, Q&A), NY Fed Williams Bbg TV interview, SF Fed Daly keynote remarks, Stanford (text, Q&A).
  • Cash JGBs are dealing slightly mixed across the curve. The benchmark 10-year yield is 0.3bp higher at 0.858% versus the YTD high of 0.871%, set last week.
  • The swaps curve has twist-steepened, with rate moves bounded by +/- 3bps. Swap spreads are mixed, but wider beyond the 10-year.
  • Tomorrow, the local calendar is empty apart from an auction for Enhanced-Liquidity of 5-15.5-year JGBs.
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JGB futures are stronger, +8 compared to settlement levels, but dealing at the bottom of today’s trading range.

  • Outside of the previously outlined Machinery Orders, domestic drivers have been light on the ground. Accordingly, today’s price action has tracked fluctuations in US tsys in today’s Asia-Pac session.
  • US tsys are dealing 3-4bps cheaper despite Iran’s military launching drones and missiles against Israel over the weekend, in a significant escalation of hostilities.
  • Later today, the US data calendar includes Retail Sales and Fed Speak: Dallas Fed Logan, IMF/BoJ conf, Tokyo (no text, Q&A), NY Fed Williams Bbg TV interview, SF Fed Daly keynote remarks, Stanford (text, Q&A).
  • Cash JGBs are dealing slightly mixed across the curve. The benchmark 10-year yield is 0.3bp higher at 0.858% versus the YTD high of 0.871%, set last week.
  • The swaps curve has twist-steepened, with rate moves bounded by +/- 3bps. Swap spreads are mixed, but wider beyond the 10-year.
  • Tomorrow, the local calendar is empty apart from an auction for Enhanced-Liquidity of 5-15.5-year JGBs.