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JGBS: Cash Bonds Richer Beyond 1-Year At Lunch

JGBS
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At the Tokyo lunch break, JGB futures are stronger but off session highs, +13 compared to the settlement levels.

  • The local data calendar today will see the July tertiary industry index on tap this afternoon.
  • According to MNI’s technicals team, a bullish outlook for JGB futures remains intact. Strong impulsive gains in early August reinforce this theme and the pullback between Aug 6 - Sep 3, appears to have been a correction. Moving average studies on the continuation chart are in a bull-mode position, highlighting a clear uptrend. A continuation higher would open 145.95, the Aug 6 high and a bull trigger. A reversal lower would instead open 143.57, the Jul 17 high.
  • Cash US tsys are little changed in today’s Asia-Pac session after yields fell 2-5bps yesterday. Today, the US calendar will see Retail Sales, Industrial Production and a 20y bond auction.
  • The cash JGB curve has twist-flattened, pivoting at the 2-year, with yields 2.8bps higher to 1.5bps lower. The benchmark 10-year yield is 0.9bps lower at 0.839% versus the early August low of 0.74%
  • Swap rates are flat to 1bp lower out to 30-year and 2bps higher beyond. Swap spreads are mixed.
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At the Tokyo lunch break, JGB futures are stronger but off session highs, +13 compared to the settlement levels.

  • The local data calendar today will see the July tertiary industry index on tap this afternoon.
  • According to MNI’s technicals team, a bullish outlook for JGB futures remains intact. Strong impulsive gains in early August reinforce this theme and the pullback between Aug 6 - Sep 3, appears to have been a correction. Moving average studies on the continuation chart are in a bull-mode position, highlighting a clear uptrend. A continuation higher would open 145.95, the Aug 6 high and a bull trigger. A reversal lower would instead open 143.57, the Jul 17 high.
  • Cash US tsys are little changed in today’s Asia-Pac session after yields fell 2-5bps yesterday. Today, the US calendar will see Retail Sales, Industrial Production and a 20y bond auction.
  • The cash JGB curve has twist-flattened, pivoting at the 2-year, with yields 2.8bps higher to 1.5bps lower. The benchmark 10-year yield is 0.9bps lower at 0.839% versus the early August low of 0.74%
  • Swap rates are flat to 1bp lower out to 30-year and 2bps higher beyond. Swap spreads are mixed.