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Futures To Fresh Highs On As PBoC Easing Drives Positive Spill Over

JGBS

JGB futures finished the first part of the trading session a touch below session highs. At the break we sit at 148.29, +.20, with highs so far at 148.30. Positive spill over is evident post China's PBoC cutting the 7-day repo rate to 1.90% from 2.00%. US futures are also higher, TYU3 last at 113-21, +08.

  • Mid May highs for the JGB Sep 23 contract rest just above 148.40.
  • Cash JGBs have ticked lower, across the curve, expect for the 1y. The 7y, 30Y and 40Y are all down by more than 1bp. The 10yr is not too far from 0.42%.
  • Swap rates have displayed similar trends, the 10yr back close to 0.58%, off more than 1bps at this stage.
  • Earlier comments from BoJ Governor Ueda, appearing before parliament were uneventful. The Governor noted that actual inflation of 2% would make price expectations around this level as well.
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