© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI: PBOC Injects CNY2 Billion Via OMOs Monday

MNI BRIEF: China’s May Loan Prime Rate Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

Japan Mar Machine Orders -3.9% M/M

MNI JAPAN MAR CORE MACHINE ORDERS -3.9% M/M; FEB -4.5%

MNI DATA FORECASTS: Flash PMIs In Market's Eyesight

MNI: Canada Resilient To US Debt Ceiling Clash- Freeland

MNI BRIEF: BOC Defends 2% Target, Senate Asks About Raising It

MNI INTERVIEW: Canada Budget Keeps BOC On Pause: Ex Official

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Market News Topics

Futures Surge On Historic Global FI Rally

JGBS
HomepageBond Market NewsBank of Japan (BOJ) Market NewsBulletMarketsFixed Income News

JGB futures continued to surge overnight, with the impulse derived from a historic richening in core global FI markets and exiting of shorts extending the move. The contract finished comfortably off of best levels but was still over 190 ticks firmer on the day, after hitting the highest levels seen since late November in the process. Expect this to reverberate in early Tokyo trade. This comes after 10-Year JGB yields pulled further away from the BoJ’s YCC cap on Monday. The BoJ has some more breathing room, at least for now, thanks to the SVB failure.

  • Local headline flow has been light, although the latest North Korean missile tests (seemingly two short-range ballistic missiles) will generate some interest.
  • 5-Year JGB supply is due today, providing the headline event of the local docket. That will leave feedthrough from Tuesday’s situation at the forefront for most of the session.
  • Technically, if bulls force a breach of the overnight high in JGB futures (148.99) focus will turn to the November 11 high (149.75), with the SVB situation amplifying the pressure on short positioning and threatening a meaningful break of the technical downtrend.
189 words

To read the full story

Why Subscribe to

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.

JGB futures continued to surge overnight, with the impulse derived from a historic richening in core global FI markets and exiting of shorts extending the move. The contract finished comfortably off of best levels but was still over 190 ticks firmer on the day, after hitting the highest levels seen since late November in the process. Expect this to reverberate in early Tokyo trade. This comes after 10-Year JGB yields pulled further away from the BoJ’s YCC cap on Monday. The BoJ has some more breathing room, at least for now, thanks to the SVB failure.

  • Local headline flow has been light, although the latest North Korean missile tests (seemingly two short-range ballistic missiles) will generate some interest.
  • 5-Year JGB supply is due today, providing the headline event of the local docket. That will leave feedthrough from Tuesday’s situation at the forefront for most of the session.
  • Technically, if bulls force a breach of the overnight high in JGB futures (148.99) focus will turn to the November 11 high (149.75), with the SVB situation amplifying the pressure on short positioning and threatening a meaningful break of the technical downtrend.