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Free AccessJGB futures have trod higher in the morning....>
JGBS: JGB futures have trod higher in the morning session, with the belly of the
curve outperforming in cash trade.
- The BOJ left the size of its Rinban operations covering the 5-25+ Year buckets
unchanged today. Looking at the breakdown of the operations, the 5-10 Year
bucket's offer to cover ratio ticked up to 2.95 from 2.39, while the offer to
cover ratio of both the 10-25 and 25+ Year buckets moderated to 2.35 and 1.84
from 2.94 and 4.19 respectively. As a reminder the most recent 10-25 and 25+
Year operations saw the Bank trim the size of each of the ops by Y10bn, and the
BOJ offered to buy an unlimited amount of 10-Year JGBs at 0.11% earlier this
week, which received no take up.
- From a technical perspective bulls look to the 200-DMA (150.74) in futures
which capped Monday's rally, and limited upside this morning. Support is noted
at Monday's low, the Feb 01 high (150.36)
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.