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Futures A Touch Below Late Overnight Levels




Higher Energy Prices Lend Support


Yen Stabilises After Downtick

JGBS: JGB futures last trade at 150.63 (-22 ticks). The longer end of the curve
has undergone a bout of underperformance in lieu of yesterday's soft 20-Year JGB
supply, with the curve steepening again today.
- There was no real catalyst for today's move, although it could be a result of
positioning in the JGB space, while the drop in the afternoon session may be
attributed to the fact that the spreads at the BoJ's Rinban operations covering
the 5-25 Year+ buckets moved higher (although the offer to cover ratios
moderated), with the sizes of the ops unchanged.
- Futures are now below the 200-DMA (150.65).
- The swap curve was steeper but tightened against JGBs.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |