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JGBs have struggled to find any real impetus...>

JGBS
JGBS: JGBs have struggled to find any real impetus ahead of Monday's market
holiday, with futures sticking to a tight range & the cash space lacking any
notable coherent direction, although both softened a touch in the afternoon as
the Nikkei 225 moved higher.
- The BOJ left the size of its Rinban operations covering the 5-25+ Year buckets
unchanged today. Looking at the breakdown of the operations, the offer to cover
ratio of the 5-10 Year sector eased, while the 10-25 Year's offer to cover ratio
held steady, as the 25+ Year offer to cover ratio edged higher.
- Daily studies looking to correct from modestly overbought levels in futures
and the lack of topside follow through remain concerns for bulls. In saying
that, bears still need a close below 150.89 to ease bullish pressure and return
initial focus to 150.71-80.
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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