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JGBs have begun the holiday shortened week.....>

JGBS
JGBS: JGBs have begun the holiday shortened week on the front foot edging higher
following the bid seen in US Tsys over the last couple of sessions. JGB futures
went into the lunch break 21 ticks better off at 150.85, just back from session
highs of 150.89. 
- The cash curve has undergone some bull-flattening, with swaps widening vs.
JGBs.
- The latest round of BoJ Rinban operations covered the 5-10 Year bucket. The
offer to cover ratio edged higher, with the spread that the operations are
conducted at moving into positive territory i.e. below market prices.
- As a reminder Japanese markets will be closed on Thursday & Friday.
- Futures have cleared the 21- (150.81) & 55-DMAs (150.84) with bulls now eying
the April 12 low (150.95).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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