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Futures Unchanged, Market Closed Tomorrow

JGBS
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JGB futures are just above session lows and unchanged compared to the settlement levels.

  • The domestic calendar has been relatively light today, with the previously outlined BoJ Minutes for the March meeting as the light.
  • April’s Consumer Confidence Index has just been released showing a fall to 38.3; Est. 39.8.
  • Today’s focus however has centred on the digestion of yesterday’s FOMC policy decision and suspected intervention by Japanese authorities to support the yen in NY trading. (See BBG link)
  • The cash JGB curve has bear-steepened. The benchmark 10-year yield is 0.9bp higher at 0.900% versus the YTD high of 0.933%.
  • A Liquidity Enhancement Auction for 1-5-year OTR JGBs is due later today.
  • The swaps curve has twist-steepened, pivoting at the 20s, with rates -1bps to +4bps. Swap spreads are tighter out the 10-year and wider beyond.
  • The local market is closed tomorrow for the Constitution Memorial Day holiday.
  • US Non-Farm Payrolls are due for release on Friday.
  • Overnight, labour market data gave mixed signals. JOLTs data showed further signs of easing labour market pressures. The number of job openings dropped to a three-year low and the quits rate fell to the lowest since August 2020. However, US private payrolls increased more than expected in April while data for the prior month was revised higher.
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JGB futures are just above session lows and unchanged compared to the settlement levels.

  • The domestic calendar has been relatively light today, with the previously outlined BoJ Minutes for the March meeting as the light.
  • April’s Consumer Confidence Index has just been released showing a fall to 38.3; Est. 39.8.
  • Today’s focus however has centred on the digestion of yesterday’s FOMC policy decision and suspected intervention by Japanese authorities to support the yen in NY trading. (See BBG link)
  • The cash JGB curve has bear-steepened. The benchmark 10-year yield is 0.9bp higher at 0.900% versus the YTD high of 0.933%.
  • A Liquidity Enhancement Auction for 1-5-year OTR JGBs is due later today.
  • The swaps curve has twist-steepened, pivoting at the 20s, with rates -1bps to +4bps. Swap spreads are tighter out the 10-year and wider beyond.
  • The local market is closed tomorrow for the Constitution Memorial Day holiday.
  • US Non-Farm Payrolls are due for release on Friday.
  • Overnight, labour market data gave mixed signals. JOLTs data showed further signs of easing labour market pressures. The number of job openings dropped to a three-year low and the quits rate fell to the lowest since August 2020. However, US private payrolls increased more than expected in April while data for the prior month was revised higher.