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Free AccessJGB's head into the close higher in a quiet....>
JGBS: JGB's head into the close higher in a quiet post-FOMC session. Futures
squeezed out some gains during the overnight session, but saw a muted reaction
to the FOMC. JGB futures opened Tokyo around 9 ticks higher and saw rangebound
trade in the early part of the session before being bid up to around 150.25
heading into the lunch break.
- After the lunch break came the 3-Month and 2-Year auction, both taken
strongly. The low price was above the consensus estimate in the 2-Year, and
while cover dropped to 5.35 from 6.79, the June 27 sale was the strongest cover
since 2014 and was still above 5.06 at the May sale. The strength of the results
initially saw a bid in JGB's before some profit taking erased most of this gain.
JGB futures head into the close at 150.22, up 11 ticks on the day.
- Yields are lower across the curve, down 0.3bp-1bp with the curve flattening
slightly. 10-Year yield last -0.7bp at 0.072%. The long end has seen some decent
buying, sources note supply and demand seems relatively tight in the sector
prompting outperformance of swaps in the sector.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.