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(Z1) Approaching The 50-Day EMA


Price Signal Summary: USD Remains Below Recent Highs


Citigroup 3Pt on Tap

JGBS: JGB futures were better bid from the off, with the contract last +11 on
the day, although bulls have failed to make a convincing break above 152.00.
Onshore participants played catch up to the NY bull flattening seen in Tsys,
with JGB cash trade eventually following the same theme.
- The BoJ left the size of its 1-5 Year Rinban ops unch., with the breakdown
revealing a slight uptick in offer/cover and marginal widening of spreads.
- There has been little in the way of notable local news flow, outside of a JiJi
piece suggesting that "Japan will refrain from directly referring to its target
of achieving primary surplus in FY25 in the basic economic and fiscal management
policy it's compiling as deficit grows as a result of measures taken to prevent
the spread of coronavirus," per BBG.
- Elsewhere, Nissan has hired banks to run a multi-tranche round of JPY
issuance, per BBG.
- Worth noting that local bank lending and deposits grew at unprecedented levels
in June, per the latest round of data.
- 5-Year supply headlines the local docket on Thursday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |