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Heading South




Breaches Key Short-Term Support


Late SOFR/Treasury Option Trade

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JGBS: JGB futures have once again stuck to a tight range, operating in familiar
territory sandwiched between key support and resistance levels.
- The cash curve has been subject to some steepening in the afternoon session as
the latest round of BoJ Rinban operations, covering the 10-25+ Year buckets,
provided mixed results with the size of the operations left unchanged. The 10-25
Year bucket's offer to cover moderated a tad after the jump that came in
Monday's operations, while the 25+ Year bucket's offer to cover ratio surged to
4.25 from 3.17, in turn pressuring the longer end in afternoon dealing.
- Following the bounce from futures' 200- (150.76) & 100- (150.75) DMA's bulls
look for a close above hourly resistance from May 30 (151.02) to push focus
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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