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Futures Weaker In Overnight Trading Ahead Of Weekend, BoJ Summary of Opinions Due

JGBS

In post-Tokyo trade ahead of the weekend, JGB futures were weaker, closing -13 compared to settlement levels.

  • US tsys finished last week with a directionless NY session. US tsys closed Friday with small gains, with yields ending near the lowest levels in months on optimism that the FOMC will be cutting rates twice this year, possibly starting as soon as September.
  • US tsys were stronger during early London hours after soft French, German and Eurozone composite flash PMIs. Also, Euro-Area Mfg fell to 43.4, 3 pts below the consensus, and the weakest level for this year.
  • However, US tsys gapped cheaper after slightly higher than expected US flash PMIs. The US composite PMI rose to 54.6, marginally above the May reading, and a two-year high suggesting growth is holding up reasonably well.
  • The market recovered through the NY afternoon amid haven demand into the weekend with ongoing geopolitical concerns.
  • Today, the local calendar will see BoJ's Summary of Opinions (June MPM) and Department Store Sales alongside BoJ Rinban Operations for 1-10-years JGBs.
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