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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

JGBS
JGBS: JGB futures have turned bid in the early part of the afternoon session, in
sympathy with Tsys. The contract has stuck to a tight range, and operates just
off of best levels last.
- Looking at the cash space, the curve sits a little steeper with yields edging
higher in the super-long end, while shorter dated yields have ticked lower.
- BoJ's Funo offered little new in an address made today, stating that that the
board's decision of allowing the 10-year interest rate to move widely in July
doesn't mean that the BOJ will raise interest rates. In a speech to business
leaders in Kochi City, southern Japan, Funo said that "if (the BOJ) maintained
the powerful easy policy, it would affect business conditions at financial
institutions through a drop of margin from loans, which in turn will create the
risk of a pullback in financial intermediation. We continue to pay attention to
the risks considered most relevant to the conduct of monetary policy," Funo
continued while indicating that the BOJ doesn't need to adjust policy to
mitigate the side effects of a prolonged easy policy."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com