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USDCAD TECHS

Fresh Lows Below 1.2062

AUDUSD TECHS

Extends This Week's Gains

JGB TECHS

(M1) Consolidating

EURJPY TECHS

Upside Extension Within Its Channel

US TSYS SUMMARY

Narrow Range Ahead April FOMC Minutes

JGBS
JGBS: JGB futures were hit on the back of the move lower in Tsys in early Asia
hours Wednesday, but technical support held firm and was respected on a closing
basis, while the Nikkei 225 struggled. The space then rebounded after the BoJ
left the size of its 1-5 Year Rinban operations unchanged, before edging lower
again.
- Offer to cover ratios for the Bank's latest round of Rinban operations: 1-3
Year 3.93x (prev. 2.75x), 3-5 Year 5.09x (prev. 2.41x), JGBis 6.29x (prev.
4.68x).
- The elevated offer to cover ratios did little to help the space during the
afternoon session, with the earlier steepening flows back in fashion after the
lunch break.
- Futures drifted lower again overnight, tracking Tsys and having a look below
the Tokyo lows, but lacking follow through.
- Local interest comes in the form of retail sales and an address from BoJ
Deputy Governor Wakatabe later today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com