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JGBS: JGBs have struggled for direction, with the cash curve operating in mixed
fashion and futures a touch higher, as the space has failed to benefit from the
outlining of the latest round of U.S. sanctions on China.
- The BOJ left the size of the Rinban operations covering the 1-10 Year sector
of the curve unchanged. Looking at the breakdown of the operations, the offer to
cover ratio in the 1-3 & 3-5 Year buckets moderated, while the offer to cover
ratio in the 5-10 Year bucket moved higher.
- Bulls look to 151.02-19 in futures, where the 2018 & monthly highs are
situated. Daily studies looking to correct from modestly overbought levels and
the lack of topside follow through remain concerns for bulls. In saying that,
bears still need a close below 150.89 to signal a false break higher and return
initial focus to 150.71-80.