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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.
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Free AccessJGBS: Positive Spill Over From US Tsys, But Don't Break Weekly Highs
JGB futures sit just off session highs in latest dealings. JBZ4 is at 144.71, +.17 versus settlement levels. Pre the lunch time break we got as high as 144.79.
- Positive bias has been evident from the move up in US Tsy futures. Ex NY Fed head Bill Dudley was speaking at a forum in Singapore and stated there is a strong case for the Fed to cut 50bps at the September policy meeting.
- For JGB futures, focus is likely to be on whether we can break above recent highs around 144.80. The technical backdrop is supportive of such a move.
- Cash JGB yields are weaker, led by the backend of the curve. The 10yr is off over 2bps and sub 0.845%, not too from its simple 200-day MA in yield terms. The 20yr has seen the largest drop in yield, off 4bps. Swap rates are off around 2bps for key parts of the curve.
- The 3 month debt sale saw a debt to cover ratio of 3.13x, with an average yield just under 0.06%.
- Looking ahead to next week, the main focus will rest on BoJ's Friday policy announcement (before this we have National CPI). No change is expected from the economic consensus.
- On the supply front we have a 1yr debt sale next Wednesday.
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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.