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JGB futures have stuck to a narrow range,......>

JGBS
JGBS: JGB futures have stuck to a narrow range, with some modest flattening
apparent in the cash space after the elongated weekend, with the super-long end
outperforming.
- The BOJ left the size of its 1-3 & 3-5 Year Rinban operations unchanged at
today's operations. The offer to cover ratio of the 1-3 Year sector jumped to
5.36 from 3.67, while the offer to cover ratio of the 3-5 Year sector eased a
touch to 3.61 from 3.80.
- Daily studies looking to correct from modestly overbought levels in futures
and the lack of topside follow through remain concerns for bulls. In saying
that, bears still need a close below 150.89 (where the contract last deals) to
ease bullish pressure and return initial focus to 150.71-80.
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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