JGB futures have finished the month in a.......>

JGBS: JGB futures have finished the month in a tight range and last trade 7

ticks lower at 150.97.

- The cash curve has steepened after 2 days of notable flattening, with little

noted in the way of month-end demand, perhaps this came on the back of the

strong 40-Year auction earlier this week.

- No meaningful concession was noted in benchmark 2-Year yields ahead of today's

supply. The auction went well with the cover ratio just shy of 5 and the low

price in line with expectations.

- The 151.15-19 resistance confirmed its significance once again with the

contract rejected ahead of this level and looking a little offered. Bears now

need a close below hourly support from May 28 (150.90) to return focus lower.