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JGB futures finished the morning session 1.....>

JGBS
JGBS: JGB futures finished the morning session 1 tick lower at 150.96, operating
in a sub 10-tick range as traders await the latest BoJ MonPol decision &
subsequent press conference from BoJ Gov. Kuroda.
- The curve was notably steeper as super-long paper underperformed this morning.
- Data released earlier showed that although headline average growth rose in Y/Y
terms for a 6 straight month in January, real wages fell for the second month in
a row.
- Short term focus falls on the Spring wage negotiations that are already
underway, with the first estimates from the negotiations due next week.
- Looking at technicals for JGB futures, bulls continue to look for a close
above 151.19 to initially target 151.51 2017 highs. The Bollinger band top
(151.18) is the key concern for bulls with potential to limit follow through.
Bears still need a close below 150.89 to ease bullish pressure and below 150.47
to target 2018 lows.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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